Helios & Matheson plans to invest Rs 75 cr in TN

Helios & Matheson Information Technology Ltd expects to invest Rs 75 crore to set up additional facilities in Tamil Nadu.

V Ramachandiran, chairman, Helios & Matheson, said in a press statement, "Tamil Nadu offers excellent infrastructure to match our status as a global player. The government of Tamil Nadu is extremely co-operative and progressive in its IT initiatives, which has been an important factor in the growth of our operations here."

In phase I, the company plans to invest about Rs 25 crore in setting up a 50,000 sq ft facility in Chennai, which has the potential to grow to 400 people. In phase II, the company expects to have a presence in Coimbatore by setting up a facility of one lakh sq ft, which will require an investment of Rs 50 crore in the next 2 years, he said.

Helios & Matheson has larger base in Bangalore. Of the 1,200 employees, nearly 700 software engineers are employed in the Indian silicon valley.

The shareholders of the company on September 28, 2005 approved the 1:1 issue of bonus shares at the company's 13th annual general meeting. The bonus shares will be issued on receipt of requisite statutory approvals. The shareholders have also approved the proposal to increase the authorised share capital of the company from the present Rs 25 crore to Rs 35 crore.

Capital restructuring is a continuous process at the Helios &Matheson and the increase in share capital was proposed to align the equity capital in line with the capital employed in the business, Ramachandiran said.