Raymond to lay off 10,000 people to give way to automation; shares rise

Raymond to lay off 10,000 people to give way to automation; shares rise

People passing by the Bombay Stock Exchange (BSE) building in this file photo of May 9, 2016 (representational image). Raymond, India’s branded textile company, on Friday said it plans to cut about 10,000 jobs over the next three years. The jobs will then be replaced with robots and automation technology.

The Mumbai-headquartered firm said that the company has a workforce of 30,000 staff across 16 manufacturing plants in India.

"Roughly 2,000 work in each plant. Through technological intervention we are looking to scale down the number of jobs to 20,000 through multiple initiatives in technology. One robot could replace around 100 […]

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