Aircel sacks some 1000 staff, retains around 230

MUMBAI: Aircel and its unit have sacked some 1,000 of its 1,229 remaining employees, unable to meet related costs as the resolution professional (RP) Deloitte strives to keep the bankrupt mobile phone company running so that its assets fetch a good price in the ongoing insolvency process.

“There has not been a regular source of any cash flow from operations, and the funds garnered from recoveries/litigations could only help sustain for a limited timeframe. The companies have now reached a precarious financial position and need to right size the current workforce strength in line with its current situation,” the resolution professional said in a letter to all employees earlier this month.