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Patni layoffs : iGate parks $14 million to retrench employees
Wednesday, 6th April 2011
The worst fears of some Patni employees could come true with iGate Corporation hinting that there could be some terminations post-acquisition. In a filing to SEC (Securities and Exchange Commission of the United States), iGate has pegged the �onetime costs amounting to $14 million ($9.3 million net of tax) relating to the termination of the services of certain employees� post acquisition. It also put one-time retention bonuses at $8.5 million ($5.5 million net of tax), respectively.

Patni has over 17,000 employees, including 14,000 in offshore work and more than 3,000 at onsite locations. iGate has 8,300 employees globally, with over 75 per cent working in India.

Publication : Hindu Business Line
TAGS : layoffs  patni  igate  


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