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L&T to hire 10,000 employees by 2011
By siliconindia
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Wednesday, 19 November 2008, 16:37 IST |
6 Comments
New Delhi: Larsen & Tourbo has revealed that the company will add 10,000 employees by 2011, of which 7,000 will be in the state of Gujarat. "These jobs will be created in Gujarat through three joint ventures that the company was entering into," A.M. Naik, Chairman and Managing Director, L&T told Financial Chronicle. He admitted that there were pressures on its existing projects, but exuded confidence that it was only temporary.
"Like most other industries even infrastructure has had to face the brunt of a global slowdown. We are seeing that most of our clients are postponing the construction of projects because everybody is facing an acute problem of liquidity crunch," he mentioned.
He also pointed out that the government has shown willingness to act fast in the crisis. "The government is already investing in infrastructure projects. This will give a boost to the economy," he noted.
For overcoming the slowdown, the company is currently concentrating on newer verticals such as railways, shipbuilding, and power plants.
On reducing the interest rates to make money available in the hands of the company, Naik said, "There is a need to bring down interest rates even more so that the liquidity crisis can be addressed." "As of now I feel that interest rates should be around nine percent," he added.
The company has also plans to hire aggressively in South India like Coimbatore and Chennai.