No layoff in HCL, says CEO

Software exporter HCL Technologies today said it was among the few companies which had not made any layoffs since “we anticipated the meltdown in July and applied the brakes”, CEO Mr Vineet Nayyar said. Addressing the media here today, the HCL chairman, Mr Shiv Nadar, said: “HCL’s investments in new growth engines, innovative service offerings and value centricity have helped us convert today’s challenging market environment into opportunities for growth. HCL’s leadership in the industry in having a robust growth pipeline this quarter is a proof that this strategy is paying off.”

He said the company would also repay a part of the $585 million debt it had taken for acquiring UK-based Axon last year from its current cash balance and through a fresh loan. “We had raised a debt of $585 million for acquiring Axon which is maturing in December 2009. We have a cash position of $412 million. We will pay the debt out of the cash and raise a small debt,” executive vice-president (finance), Mr Anil Chanana said.