Chancellor mulls 100-cr investment in Kerala

Kochi, Aug 30: The Switzerland-based watch makers Chancellor is planning to invest Rs 100 crore in the state to set up a maufacturing unit and an institute for horology technology.

Talking to reporters here today, Chancellor Group President and Chief Executive Officer C C Alexander said, the group would invest Rs 100 crore to set up a manufacturing unit and the country's first Horology Engineering degree college which would provide training in manufacturing and designing of watches.

He said the unit and the college would be established in Kerala and the blue print of the project was prepared and would be forwarded to the Centre and state government for approval.

Mr Alexander said Switzerland was the 'mecca' of watches and around 28 billion dollar worth of watches were exported every year.

The project would provide employment to about 1500 people he said, and added that the graduates of the engineering college would be recruited in the Chancellor group.

He also urged the Centre to reduce the present 38 per cent import duty on watches.

The government should also come forward with policies to develop the watch industry in the country, he added.

UNI