Chinese conglomerate LeEco has fired as many as 85 percent of its India headcount in what the industry observers speculate is a sign of its eventual departure from the country, according to media reports.
The layoffs followed the resignation of two of its senior executives -- Atul Jain, chief operating officer of smart electronics business, and Debashish Ghosh, chief operating officer for Internet applications, services and content. The company, which had a massive advertising budget of Rs. 80 crore a month, stopped selling its products through offline retail stores in December.
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LeEco's Mumbai and Delhi offices are currently running with a skeletal staff, while the company is now firing people in its Bengaluru office. While the company's India chief operating officer Alex Li has reportedly confirmed the exit of Jain and Ghosh, he declined reports of the company's India exit.
"India is one the most strategic markets for LeEco," Reuters quoted the company as saying in a statement, adding that it had no plans to exit the South Asian nation.
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It also said that the company is now preparing for the launch of its next-generation television in the country.
A company spokesperson declined to comment on the layoffs when contacted.