Tamil Nadu govt invites Kitex to set up textile unit
The government of Tamil Nadu has formally invited garment firm, Kitex Group to start its business and has also offered tax benefits to the firm.
The government of Tamil Nadu has formally
invited garment firm, Kitex Group to start its business and has also offered
tax benefits to the firm.
Sabu Jacob, the
Managing Director, Kitex Group, has given a statement that the government is
carrying out continuous inspections and had also been questioning the employees
of the company. Due to this reason, the group had withdrawn Rs 35 billion worth
project in Kerala. A letter by the vice president of the Tamil Nadu Industries
Minister has been rolled out to the Kitex Group. The government has also put
forward 8 other offers including low-interest rate, subsidy, payment of 20%
salary of staff, and 100% subsidy on stamp duty. The group is yet to take a
final decision regarding carrying out business activities in the neighbouring
state.
According to
Sabu, he was forced to issue a press note due to repeated harassment by
different departments of the government. He also quoted that 11 teams had
raided the premises. Also, 5 states have contacted the group to open garment
units in those states. As per experts, Sabu was targeted because of his
political affiliations.
As soon as the
group announced to pull out the investment from Kerala, the Tamil Nadu
government had invited Kitex to offer a conducive business environment
with low-interest rates and other benefits.
Source – Times Now News
Image Source: Wikipedia
Also Read:
https://indiantextilejournal.com/latest-textile-industry-news/kitex-garments-on-track-for-expansion
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