October 28, 2021

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Kitex Group inks MoU to invest Rs 2,400 crore in Telangana, Retail News, ET Retail

HYDERABAD: Kitex Group, which accused the Kerala federal government of hounding it out of the state, has made a decision to ramp up its financial investment committent in Telangana.

From an initial announcement of Rs 1,000 crore in just one apparel facility, the corporation has decided to commit Rs 2,400 crore in location up two integrated fibre-to-clothing production clusters in Telangana. This will generate 22,000 immediate positions and near to 18,000 indirect work opportunities.

The two clusters, which will occur up at Kakatiya Mega Textile Park in Warangal and Sitarampur in Rangareddy district, will ship three million items for every calendar year of attire for children in the -24 months age group to the US. The details ended up given out on Saturday right after Kitex Team chairman and taking care of director Sabu M Jacob signed an MoU with the Telangana federal government.

The 2nd largest maker of clothing for infants currently manufactures 1 million parts of toddler apparel at its services in Kerala for exports to the US. The enterprise is wanting at obtaining about 375-400 acres for the two models. The initially a person at KMTP is slated to start off commercial functions from November 2022, Jacob reported on the sidelines of the MoU signing ceremony.

“Three months is the time for land preparations and we will start construction by January 2022. In 6 months we will total the buildings and by August-September we will start off commissioning the machinery at KMTP,” Jacob explained, incorporating that get the job done on the Sitarampur facility will commence soon after the KMTP device.

Telangana industries minister KT Rama Rao claimed Telangana was able to bag this marquee investment starting up with an SMS that he sent to Kitex Group CMD followed by a cell phone contact after Jacob announced his final decision to exit Kerala where he was planning to invest Rs 3,500 crore.