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Kitex Group to invest Rs 24 bn in Telangana

Sep 22, 2021
Kitex Group to invest Rs 24 bn in Telangana

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

Image Source: Wikipedia

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