Steps are afoot at Daewoo Motor India Ltd (DMIL) to arrest the sagging fortunes of the company. To begin with, employees of the company have written to managing director Young-Tae Cho offering to take a 10 per cent cut in their salaries.
According to sources, Cho has accepted the offer and, in return, has declared Saturday a holiday for all employees. Owing to thin volumes, the production staff was already working five days a week. The arrangement has now been extended to all employees of DMIL.
In another development, Cho today called a meeting of all Daewoo India dealers in the Delhi region. Cho told them that smaller dealerships would have to be closed down and all dealers would have to stock at least 30 cars.
