Escorts VRS plan was closed within 30 days, and costs about Rs 30 crore and will have a payback of 2 years. The one time impact will reflect in Escorts’ Q2 results. Ishan Mehta, Executive Vice President, HR & ER says the VRS offer was a group wide strategic initiative to make Escorts leaner and smarter with more focus on productivity and improves organisational efficiencies.
Dipankar Ghosh, CEO – Escorts Auto Products says the company has initiated ambitious programs with ‘lean’ management and consolidation of manufacturing facilities being prioritised to create more profitable production methods.
Alongside, Escorts has engaged with chosen prospective partners for technology infusion to get a slice of the pie from larger opportunities available in automotive sector. He is confident these initiatives will enable EAP to target higher market share through high end products to domestic and international markets.
Escorts becoming leaner, smarter & more profitable organization
Implements group wide VRS to enhance productivity and rationalize work force
New Delhi, 9 October, 2014: With an operational focus on improving business performance, Escorts Limited has successfully implemented group wide future oriented VRS, aimed particularly at restructuring Escorts Auto Products. This largest ever VRS at Escorts was availed by 350 employees and will enable greater efficiencies and productivity due to rationalization of deployment.
The exercise will cost around Rs 30 crore and will have a payback of two years. The one time impact will be reflected in the company’s Q2 results. The exercise was closed within 30 days.
According to Mr. Ishan Mehta, Executive Vice President, HR & ER, “Our VRS offer was part of an overall group wide strategic initiative to make Escorts leaner and smarter organization. Through this, we have sought to become even more focused on productivity and improve our organizational efficiencies.
Said Mr. Dipankar Ghosh, CEO – Escorts Auto Products, “We at Escorts have embarked on ambitious programs that focuses on ‘lean’ management and consolidation of manufacturing facilities to create more profitable production methods. Simultaneously, we are also engaged with chosen prospective partners for technology infusion to tap into the larger opportunities available within the auto sector. I am sure, these initiatives will enable EAP to target higher market share by offering its high end products to domestic as well as international markets.”
About Escorts Group:
The ESCORTS GROUP is among India’s leading engineering conglomerates operating in high growth sectors of Agri Machinery, Material Handling & Construction Equipment, Railway Equipment and Auto Components. The Group has earned the trust of over 5 Million customers by way of product and process innovations over six decades of its existence. Escorts endeavors to transform lives in rural and urban India by leading the revolution in agriculture mechanization, modernization of automotive & railway technology and transformation of Indian construction.