Jobs at RCom reduced by 94% to 3,400 from 52,000 at its peak
Debt-ridden Reliance Communications today said that total number of jobs at the company have been reduced by about 94 per cent to 3,400 at present, from peak level of 52,000.
"Total number of people in the RCOM group: from peak of approximately 52,000 to current 3,400, a reduction of approximately 94 per cent," RCom today said in a BSE filing.
The company is estimated to be at peak in around 2008-10.
Govt mulling restoration of old pension scheme (OPS) for central govt employees? Minister of State for Finance Pankaj Chaudhary says THIS in Lok Sabha
Back-To-Back Upper Circuit! This multibagger infrastructure stock hits upper circuit for 12th straight session
Retail inflation now stable, temporary increases due to demand-supply mismatches: FM Nirmala Sitharaman
Tata Power shares near record high after power generator joins hands with Indian Oil to set up EV charging points
Old Tax Regime clear winner, preferred by 63% taxpayers who prioritize long-term investments, tax-saving: Survey
RCom, which is reeling under debt of around Rs 45,000 crore, closed it mobile services business in January this year and continues to provide business-to-business (B2B) telecom services.
The company in the filing said that its B2B unit is insulated from ongoing tariff war in the industry.
"The tariff wars between the incumbents- Airtel, Idea, Vodafone and the new entrant Reliance Jio continue unabated, further dragging down all key financial metrics of the wireless sector. However, post its wireless B2C business exit on Jan-18, RCOM is no longer affected by the severe and prolonged wireless sector hyper competition," the filing said.
RCom said that it is evident from the latest sector revenue report released by the Telecom Regulatory Authority of India, the wireless sector continues to be on a downward spiral, with over 21 per cent revenue decline on year-on-year basis.
Overall revenue market size shrunk by over Rs 26,000 crore on annualised basis, it added.
"RCom operational business fully insulated from the hyper competition, mega capex requirements, financial stress of the wireless sector," the filing said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)