New Delhi, July 28 -- Tata Consultancy Services (TCS) will lay off approximately 12,000 employees this fiscal year, as India's biggest private employer adjusts to slowing growth and rising artificial intelligence (AI).

The company attributed the decision, which will primarily impact senior and middle-level employees, partly to AI.

"TCS is on a journey to become a future-ready organization," a company statement said on Sunday. "This includes strategic initiatives on multiple fronts including investing in new-tech areas, entering new markets, deploying AI at scale for our clients and ourselves, deepening our partnerships, creating next-gen infrastructure and realigning our workforce model.

"As part of this journey, we will also be releas...