Faced with economic challenges, engineering major Larsen & Toubro (L&T) has laid off 14,000 employees across businesses during April-September period this year, saying it was necessary to stay "agile and competitive".
"It was a strategic decision that if a business is not in good shape, we are trying to resize it. If there is time to get the business back to normalcy, it is important to reduce the under-recoveries. So, the jobs that we are finding redundant, we are allowing people to move on," company's Chief Financial Officer R Shankar Raman said.