Huawei cuts India revenue target by up to 50%, laying off staff - ET

Credit: REUTERS/GONZALO FUENTES

Chinese telecom company Huawei Technologies Co [HWT.UL] has cut its India revenue target for 2020 by up to 50% and is laying off more than half of its staff in the country, the Economic Times reported on Monday, amid calls to boycott Chinese goods in Asia's third-largest economy.

July 27 (Reuters) - Chinese telecom company Huawei Technologies Co HWT.UL has cut its India revenue target for 2020 by up to 50% and is laying off more than half of its staff in the country, the Economic Times reported on Monday, amid calls to boycott Chinese goods in Asia's third-largest economy.

Huawei is now targeting $350-$500 million in revenue for 2020, compared with roughly $700-800 million it was aiming earlier, the newspaper reported.

Huawei is cutting 60-70% of its Indian staff, excluding those in research and development and the global service centre, the newspaper said, citing people aware of the matter.

The report comes amid a rise in anti-China sentiment in India following the killing of 20 Indian soldiers by Chinese forces in a Himalayan border dispute last month.

India has also told two state-run telecoms firms to use locally-made rather than Chinese telecom equipment to upgrade their mobile networks to 4G. (https://reut.rs/2ByrjhH)

Huawei did not immediately respond to a request for comment on the report.

(Reporting by Philip George in Bengaluru; Editing by Subhranshu Sahu)

((P.George@thomsonreuters.com; +91 8061822657; Reuters Messaging: p.george@thomsonreuters.net))

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