Kitex Garments to invest Rs 2,406cr in Telangana for production expansion
Kochi-based Kitex Garments Limited said that it has signed a memorandum of understanding (MoU) with the Telangana government to invest INR 2,406 crores in the southern Indian state.
The investment will be made by the apparel manufacturer in the Kakatiya Mega Textile Park in Warangal and the Industrial Park in Sitarampur, Rangareddy district.
In the Kakatiya Mega Textile Park, Kitex Garments will invest INR 1,113 crores. On the other hand, the garments manufacturer will invest INR 1,293 crores in the Sitarampur Industrial Park.
The Kerala-based company will begin the project at the Kakatiya Mega Textile Park by next month with an aim to start commercial production by the end of next year.
Kitex Garments aims to achieve full capacity by December 2023 at its facility in Warangal.
At Sitarampur, the apparel manufacturer will begin the project by April 2022 with a target to begin commercial operations by June 2023. The company expects to achieve full capacity by June 2024.
Currently, Kitex Garments has a production capacity of 4,32,000 units (infants garments) per day. The proposed capacity addition is 18 lakh units per day.