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Rs.1 crore investment for one job in Tamil Nadu

Posted on Feb 21 2014 | IANS

Chennai, Feb 21 : A Rs.1 crore investment for one job seems to the formula for seven of the 15 companies which signed memoranda of understanding (MOU) with the Tamil Nadu government here Friday.

While the cumulative investment proposed by the 15 investors is Rs.5,081 crore generating 8,332 jobs, in the case of seven projects the job-investment ratio is 1:1.

According to the statement issued by the state government, consumer durable maker Unity Appliances Ltd has proposed an investment of Rs.1,000 crore and the job generation is 1,000.

Semi-conductor maker TAPP has agreed to invest Rs.500 crore and the job generation is 500.

Similarly, the other investors with around 1:1 investment-employment ratio are: Vardhaman (investment Rs.300 crore, employment 300); HLL Bio-Tech (investment Rs.594 crore, employment 500); Koyama Precision Works India Pvt Ltd (investment Rs.100.09 crore, employment 100); BSH Household Appliances (investment of Rs.350 crore, employment 400) and Hitachi, Japan (product auto-parts, investment Rs.350 crore, employment 450).

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