Indias largest real estate developer, DLF, is retrenching around 300 employees across all its centres and subsidiaries as it decides to slow down its project execution, especially in tier II cities, in the face of shrinking demand and expensive borrowing.
Over the past month, around 300 employees have been asked to leave. The company had earlier decided to cut double the number, but later brought down the target, said a DLF executive.
The DLF spokesperson, however, denied that the company was downsizing. Another senior DLF executive said tough times in real estate have forced the company to rationalise manpower and bring down costs.
More : economictimes.indiatimes.com
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