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Kitex to invest ₹400 crore in two new subsidiaries
30 Apr '18
1 min read
Courtesy: Pexels
Kitex Garments will invest ₹200 crore each in 2 of its new wholly owned subsidiary companies. These two facilities will help to increase the manufacturing capacities of the company to meet rising future demand. Kitex producing garments for just-borns to babies up to the age of 24 months, will invest in the facilities from borrowings and internal accruals.
The company will engage KPMG in total implementation of the project, adding to its revenue growth, Kitex Garments said in a filing with the Bombay Stock Exchange (BSE).
Kitex Garments exports about 95 per cent of infant wear to the United States and the rest to Europe. The company also engages in contract manufacturing for private labels such as Jockey, Carter, Babies R Us, Gerber and Mothercare. (RR)
Fibre2Fashion News Desk – India
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