Global job cuts not to impact India: Sharp Corp

NEW DELHI: Japan's consumer electronics maker Sharp Corporation's plan to reduce its global workforce by 10 per cent will not affect the operations in India, the company said today.

Sharp today reported a net loss of 222 billion yen ($ 2.3 billion for the year ended March 2015 and said it planned to reduce employee count by 10 per cent across the globe, including 3,500 in Japan alone.

When asked whether the Indian units of Sharp would also be affected with its drive to trim the global work force, a company spokesperson said: "No".

Sharp India has 550 people on roll with more than 1,000 temporary staff.

In India, the company has an annual turnover of Rs 1,150 crore with over 5,000 retailers and more than 600 distributors.

It sells consumer electronics, including air-conditioners, LED TV, fridge, washing machine, microwave and vacuum cleaner, among others.

Sharp Corporation today announced a 200 billion yen ($ 1.7 billion) bailout from banks, its second in three years.

The company said Mizuho Bank and the Bank of Tokyo-Mitsubishi UFJ would provide 100 billion yen investment each.