AOL sacks 700 employees in India -

The recession is over! A hiring spree is going on at all IT companies here in India. But in an unusual case, about 700 AOL employees in India have been served pink slips. April 1st will be the last day for the axed employees, and it's no joke.

Out of the total, about 300 employees are likely to move to outsourcing partners but not on AOL's bankroll.

The technology product teams will move to HP, while finance and advertising services employees will move to MindTree.

AOL has committed to these two companies for a certain number of years, saving jobs for some employees.

One, who wished to remain anonymous, told TechEye: "I don't believe this. A few months back, we were considered to be valuable assets of the company and suddenly, everything changed. We believe that these jobs will be shifted to US."

It all started when AOL CEO Tim Armstrong informed employees in a memo.

AOL issued the following statement to its Indian arm: "Moving forward, our focus in India will be on our core capabilities around building the most compelling consumer facing products primarily for the Indian and other Asian markets. We'll be partnering with Mindtree and HP to round out our business operations."

The fired employees will get three to four months of salary as their  severance package.

The employee said, "It's difficult to say how good or bad the severance package is, as it all depends on how fast we manage to get our next job."

The move follows AOL buying out the Huffington Post for $315 million.