WWIL Downsizes Operations; 600 People Lose Jobs

Wire and Wireless India Ltd, Essel Group’s demerged cable TV distribution company, has undertaken a significant restructuring exercise and has moved its corporate office to New Delhi from Mumbai. According to two persons familiar with the development, the company has laid off 600 people in a significant restructuring exercise, bringing down its employee strength to 1,200.

On 4 February, shares of the Bombay Stock Exchange-listed firm had jumped 77% during intra-day trade on speculation that a foreign investor might pick up a stake in the company. We had confirmed from an Essel Group source that the company was in talks with some foreign investors for a potential stake sale. According to our source, no decision has been reached on this front yet.

A company spokesperson declined comment.