BANGALORE: Sasken Technologies,a telecommunication software and services firm has cut pay across the board for all its employees by 20 per cent. According to press statement, the salary cut instituted is "a partial roll back of the salary increase extended in April 2001." The move is also because of the slowdown in the telecommunication industry which is the primary focus of Sasken's business.
Sasken chairman and CEO Rajiv Mody, in the press statement has quoted, "With this definitive measure that is keeping with globally accepted practices, Sasken is confident of achieving "Operational Excellence" that is mandatory to retain its leadership position. Sasken continues to invest in building its offerings and intellectual properties portfolio that will enable it to continue to be India's foremost provider of innovative technologies and products for world markets."
During a recent press conference, Sasken, had announced that it is in final rounds of talks with some investors for private placements in the company, however the size or the value of the placement was not disclosed. The investment from the private placement is to be utilized to repay the term loans, acquired during the setting up of its sprawling new infrastructure in Bangalore.
Sasken had announced a tie up with Intel for jointly developing solutions in the space of WiNGS(Wireless Next generation Services). Sasken has over 1,100 people and ended its financial year with $ 31.13 million for the financial year, March 2001. Headquartered in Bangalore, the company, has offices in Canada, Japan, UK, USA and Sweden.
From sasken friends, i knew that 10% salary cut is officially announced in sasken......
