Finance
By: Shree1n ews, 20 MAR 2021
As a part of its global cost restructuring plans, Finnish telecom giant Nokia will lay off around 1,500 workers in India. By means of this cost restructuring, the telecom bellwether aims to increase investment in the direction of research and development capabilities and reduce site fragmentation.
The restructuring plans will hit Nokia’s global operations as well as its India operations. Consultation processes in this regard are likely to start soon. “It’s too early to comment in detail, however we anticipate the consultation processes to start out shortly, where applicable. Business teams want to reduce site fragmentation, however we have no further details at this point,” a Nokia spokesperson told.
Out of its 20,511 employees within the Asia-Pacific region, Nokia has over 15,000 employees based mostly in India. Nokia’s operations are centred in 5 key locations in India– Bengaluru, Chennai, Gurgaon, Mumbai and Noida.
Apart from this, the telecom firm also has undertaking offices across 26 Indian cities. Nokia has two global service delivery centres in India– Noida and Chennai, wherein it employs over 4,200 people. The telecom giant also has a manufacturing headquarter in Chennai and an Innovation Centre in Bengaluru.
Its innovation centre in Bengaluru employs 6,300 people for research in communication technologies such as 2G, 3G, 4G, 5G, small cells and Wi-Fi. It also focuses on technologies like Cloud, Big Data Analytics, AI/ML and next-gen core. The research and development center has filed more than 200 patents since 2012.
Nokia is planning to cut up to 10,000 jobs globally over the next two years. The telecom bellwether is expected to cut its cost base by 600 million euros at the end of 2023 and expects to realise half of its savings in 2021. Nokia also lowered its revenue forecast from 21.9 billion euros in 2020 to 20.6-21.8 billion euros in 2021.
Source:A-N
