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E-Commerce Restructuring At Web18; Some Execs Asked To Leave

Update: Surya Mantha, CEO of Web18 has informed MediaNama that "We have entered into a strategic relationship with HomeShop18, and and we do not our fulfilment function, which has become reduntant. We are actively hiring people at senior, mid and junior levels, and that is a part of normal operations. We have beefed up our marketing team, our technology team. There is no such thing as layoffs currently taking place at Web18. Getting new people on board and asking low-performers to leave is a part of on-going operations. This is not related in any way to the TV18 restructuring. There is no plan for more people to be asked to leave by the end of the month." Earlier: Web18, the Internet and mobility arm of TV18, a subsidiary of the Network18 Group, has axed around 27 jobs and the count could increase to 50-60 by the month end, according to current and laid off employees at the firm to whom MediaNama spoke (please check update above). Web18 runs portals including Tech2.com, In.com, BizTech2.com, CompareIndia, Indiwo, Buzz18, Mobile18 and print division Infomedia18. A laid off Web18 employee, on the condition of anonymity, told us that the severance pay on offer was 2 months' salary. Two other employees we spoke to were asked to leave on Thursday, December 3rd, 2009, and were offered the same severance pay. Employees are being told that they're being laid off due to the financial crisis or non-performance. Web18 CEO Surya Mantha refused to confirm specifics of…

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