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Indian Kitex Group signs MoUs with Telangana for 2 investment projects

20
Sep '21
Pic: Kitex Garments/Linkedin
Pic: Kitex Garments/Linkedin
The Kitex Group of companies has raised its investment in India’s Telangana state to ₹2,400 crore, up from ₹1,000 crore as initially announced in July, according to managing director Sabu M Jacob, who recently said his company will employ 22,000 in the state.

The Kitex Garments board of directors had approved the increase in investment on September 13.

The group recently signed memoranda of understanding (MoUs) with the Telangana government for two major investment projects.

"The Telangana government has offered many subsidies for the Kitex group," the company said in a press release.

The company had decided to drop its ₹3,500-crore investment project in June this year, declared during Ascend Kerala Investment Summit in January 2020 because of continuous surprise inspections by bureaucrats from various departments. The projects included an apparel park employing 20,000 and three industrial parks at Kochi, Thiruvananthapuram and Palakkad.

Fibre2Fashion News Desk (DS)


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