M&M retrenches 1,500 workers

19 Aug 2019, Mumbai

Auto major Mahindra & Mahindra (M&M) is seeking a fiscal stimulus package from the government for the automobile sector, which had been battling a prolonged slowdown. Pawan Goenka, managing director, M&M, told reporters that the company has retrenched about 1,500 temporary workers since April 1 this year. He said if the slowdown continues the company will be forced to lay off more employees. M&M has deferred about 15-20% of its capex from its overall investment plan. However, he emphasised that the concern on job losses is more at the automotive suppliers and dealers and not as much at original equipment manufacturers.

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