Bata India on Monday said that it will introduce a voluntary retirement scheme (VRS) at its Hosur unit in Tamil Nadu.
“The Company believes that implementation of the VRS will be mutually beneficial to the workmen and the Company,” the company said in a regulatory filing.
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In a statement to FE, it said that Bata India would ensure “a smooth and transparent process while providing comprehensive support to all eligible employees during this transition”.
“The Voluntary Retirement Scheme (VRS) announced for our Hosur facility is part of our ongoing commitment to providing our employees with choices that align with their personal aspirations,” the company’s spokesperson said.
“This scheme is entirely voluntary and has been thoughtfully structured to support eligible employees who may wish to pursue different life opportunities or transition into retirement with financial security.”
Last year in September, the company had announced a similar VRS at its Southcan unit located in Karnataka. In the following quarterly results, it said that the company’s expenses towards VRS stood at around Rs 40 crore.
It is, however, unclear how much VRS at the Hosur facility will cost the company.
Leading shoemaker Bata India Ltd on Monday reported.
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In the July-September quarter, the company had posted a 53% rise in consolidated net profit at Rs 51.97 crore. The revenue from operations was up 2.2% to Rs 837.14 crore. The total expenses in the September quarter were at Rs 784.55 crore, up 5%.
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