SpiceJet To Lay Off 1,400 Employees, Save $12 Million Annually: Report

Low-cost carrier SpiceJet said on Monday that it has started adopting measures to reduce its workforce, aiming to save 1 billion rupees ($12 million) annually.

Local business daily Economic Times reported earlier in the day that the cash-strapped airline would lay off 1,400 staff or around 15% of its 9,000-strong workforce.

The carrier, however, did not confirm the number of jobs being cut.

SpiceJet said it took the measures as part of its turnaround and cost-cutting strategy following fund infusion to help in the revival of its grounded planes.

The airline, once India's second-largest, has so far raised 7.44 billion rupees as part of a 22.50 billion rupees fundraising effort by selling shares and warrants.