Kitex Group signs MoUs with Telangana government

The Kitex Group of companies has said that it has signed two memoranda of understanding (MoUs) with the Telangana government on Friday for investments in the industrial park in Hyderabad and the Warangal textiles park.

A communication from the Kitex company, based at Kizhakkambalam near Kochi, said the two were “major projects”. More details of the projects are expected at an official announcement on Saturday.

Kitex had recently alleged harassment by State government agencies that conducted serial inspections at the company’s factory sites.

According to the communication, Telangana Principal Secretary (Industries) Jayesh Ranjan and Kitex Group managing director Sabu M. Jacob signed the MoUs in Hyderabad. The MoUs were signed after Mr. Jacob met Industries Minister K.T. Rama Rao.

The communication said the company was being offered a lot of incentives by the Telangana government for its investments. The Kitex group had withdrawn from its plans to invest about ₹3,500 crore in Kerala following serial inspections of its factory premises by different government departments over the last few months, it added.

Telengana was among the States that had invited the group to make investments. Sri Lanka, the UAE, Bahrain and Bangladesh had also extended invitations to the Kitex Group, said the communication.

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Printable version | Oct 26, 2021 9:41:17 PM |

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