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India's SpiceJet to Cut Jobs, Save $12 mln Annually

BENGALURU, Feb 12 (Reuters) - Indian 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.

($1 = 83.0040 Indian rupees)

Reporting by Nandan Mandayam in Bengaluru; Editing by Dhanya Ann Thoppil

Source: Reuters

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