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157 SPIC staff opt for VRS

Our Bureau

CHENNAI, Nov. 3

AS many as 157 employees have opted for a voluntary retirement scheme in Southern Petrochemical Industries Corporation (SPIC), a company spokesman told Business Line. The company has 2,057 employees.

The financial outgo on account of the separation scheme is estimated at around Rs 6 crore.

This is the second VRS the company, which is in the process of rightsizing, has offered in two years. The previous one was in February 2000.

Since Mr Ashwin Muthiah took over the reigns as the company's Vice-Chairman with full executive powers, at least two divisions--the group corporate planning division and the Management Services and Systems (MS&S) division-- have been closed. Some of the staff of the MS&S division were transferred to an associate firm, Cherrysoft Infotech.