Kitex Group to invest Rs 24 bn in Telangana
Kitex group of companies has increased its investment in Telangana to Rs 24 billion, up from an initial investment of Rs 10 billion, announced in July, according to the company's managing director Sabu M Jacob.
Telangana, Hyderabad
Kitex
group of companies has increased its investment in Telangana to Rs 24 billion,
up from an initial investment of Rs 10 billion, announced in July,
according to the company’s managing director Sabu M Jacob.
He
said that, the credit for Kitex group choosing Telangana for its investment
programme goes to Minister K T Rama Rao. Rao, also known as KTR, heads the
state Industries Ministry. Jacob said that, he was among the first political
leaders to personally invite him for investment in Telangana, after the company
decided to withdraw its Rs 35 billion investment programme in Kerala in
July.
The
amount was released by Jacob a day after the Memorandum of
Understandings (MoUs) were signed with the Telangana government for two major
investment projects. Jacob had said earlier that, the Telangana state
government has offered a wide range of incentives and facilities for his
venture and has also assured that it would not trouble any industry
with inspections and raids will be held only after informing the industries
well in advance.
The
Telangana government had also arranged a special flight to bring the Kitex delegation
to the state in July. The Kitex team was taken to the textile
park in Warangal in a chopper to have a look at the facilities there. Jacob had
also said that the Telangana state government has offered land, water, and
electricity at cheaper rates for investors.
Source: Moneycontrol.com
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