Apollo to Lay Off 1,500

The downturn in the automotive industry has seen Apollo Tyre’s OEM demand drop 43 percent in terms of value during the last financial quarter, and according to company chairman and managing director Onkar S Kanwar, “car sales have plummeted [and] tyre sales have also gone down proportionally.” During the last quarter commercial vehicle tyre sales have also experienced “a serious drop”, he added. In light of this decreased demand for the company’s products, the Hindu Business Line reports that Apollo is considering laying off 1,500 workers.

“We are looking at about 15 per cent of contract and casual labours, we are not going to cut permanent jobs,” said Kanwar on the sidelines of a meeting in New Delhi. The company currently has a workforce of around 10,000.