The Board of Directors of Kitex Garments approved an increase in investment on September 13.
The group recently signed a Memorandum of Understanding (MoU) with the Government of Telangana on two major investment projects.
Kitex Group companies have increased their investment in Telangana, India, from Rs 100 billion, which was first announced in July, to Rs 240 billion. The Board of Directors of Kitex Garments approved an increase in investment on September 13.
“The Telangana state government has provided a number of grants to the Kitex Group,” the company said in a press release.
The company has decided to discontinue its investment project of Rs 3,500 in June of this year, declared at the Ascend Kerala Investment Summit in January 2020, due to ongoing surprise inspections by bureaucrats from various departments. The project included an apparel park that employs 20,000 people and three industrial parks: Kochi, Thiruvananthapuram and Palakkad.
Fiber2Fashion News Desk (DS)
Indian Kitex Group has signed MoU with Telangana for two investment projects
Source link Indian Kitex Group has signed MoU with Telangana for two investment projects