Samsung Electronics is reportedly laying off more than 200 executives across its operations in the Indian business. This comes as the company's business growth in the country has slowed due to poor consumer demand, the Economic Times reported, citing four senior industry executives who spoke on condition of anonymity.

According to the report, layoffs will occur in the areas of mobile phones, consumer electronics, home appliances and support functions, which will account for 9-10% of the total managerial workforce. The report added that the laid-off employees are offered a severance package of three months' salary as per their employment contract and one month's salary for every service year. Some of those laid off include senior executives.

Workers at Samsung's Chennai plant have gone on strike for the third day. Ahead of the festive season, the strike has affected the production of televisions, refrigerators and washing machines. The company is still trying to run the plant with production at 50-80% of its capacity.

The report claimed that Samsung plans to restructure its operations, which may include the merger of some business divisions such as televisions and home appliances. This may lead to an increase in the number of people being laid off, and the move is aimed at cutting management layers, manpower and overheads, and reducing efficiency, the report said. A final decision in this regard will be taken after Diwali.