BENGALURU, Feb 12 Reuters Indian lowcost carrier SpiceJet said on Monday that it has started adopting measures to reduce its workforce, aiming to save 1 billion rupees 12 million annually.

Local business daily Economic Times reported earlier in the day that the cashstrapped airline would lay off 1,400 staff or around 15 of its 9,000strong workforce.

The carrier, however, did not confirm the number of jobs being cut.

SpiceJet said it took the measures as part of its turnaround and costcutting strategy following fund infusion to help in the revival of its grounded planes.

The airline, once India39;s secondlargest, has so far raised 7.44 billion rupees as part of a 22.50 billion rupees fundraising effort by selling shares and warrants.

1 83.0040 Indian rupees

Reporting by Nandan Mandayam in Bengaluru; Editing by Dhanya Ann Thoppil

Source Reuters