Kitex Garments to reportedly invest Rs 1,000cr in Telangana for apparel manufacturing
Kochi-based Kitex Garments Limited said that it will invest in the South Indian state of Telangana, an amount of reportedly INR 1,000 crores, for setting up apparel manufacturing facilities.
The investment will be made over the next couple of years and will generate 4,000 jobs in Telangana.
Kitex Garments was invited by the Telangana government for talks on possible investment opportunities in the state. The team led by Sabu M Jacob attended discussions chaired by Telangana Industries Minister KT Rama Rao.
The Kitex Garments team also visited the Kakatiya Mega Textile Park site in Warangal and the Chandanvelly Industrial Park in Ranga Reddy district.
Kitex Garments stated: “The State of Telangana ranks among highest in ease of doing business and is an ideal destination for apparel manufacturing as it is the 3 largest producer of cotton in India, has sufficient infrastructure facilities, investor friendly state policy, thereby very conductive for industrial growth.
“With liberal government policy, availability of raw material and various incentives offered by the state, the company expects to reduce its operating cost, shorten payback period and drive profits.”
The garments manufacturer said that it also expects to accelerate its investment in Telangana with active support from the state government.