They said Raju (45) was on his way to the factory on his two-wheelerwith the cash when unidentified persons attacked him with iron rods and fled with the money.
The manager was bringing the amount from the head office here for disbursing salaries to the workers when the attack took place.
Though passers-by rushed Raju to a hospital in Rajapalayam, he succumbed on the way, police said.