Chinese electronics maker LeEco said on Friday it has no plans to exit operations in India, refuting a media report which said the company was laying off most of its staff in preparation to leave.
"India is one the most strategic markets for LeEco," the company said in a statement, adding that it had no plans to exit the market and is gearing up for the launch of its next generation television in the country.
The Economic Times had reported earlier on Friday that the company was firing 85 percent of its Indian workforce and was looking to exit is operations in the country.
LeEco, which entered the Indian market in 2016, did not mention job cuts and said its resource headcount in India is "well aligned to the scale of operations envisioned and in line with industry benchmarks".
At the end of last year, we had around 350 employees," a company representative told Reuters.
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