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

Wilton Vinck

Kitex Group inks MoU to invest Rs 2,400 crore in TelanganaHYDERABAD: Kitex Team, which accused the Kerala govt of hounding it out of the point out, has made a decision to ramp up its investment decision committent in Telangana.

From an original announcement of Rs 1,000 crore in a person apparel facility, the enterprise has determined to invest Rs 2,400 crore in setting up two integrated fibre-to-apparel manufacturing clusters in Telangana. This will build 22,000 immediate jobs and near to 18,000 oblique positions.

The two clusters, which will appear up at Kakatiya Mega Textile Park in Warangal and Sitarampur in Rangareddy district, will ship 3 million pieces per yr of apparel for youngsters in the -24 months age group to the US. The information were presented out on Saturday immediately after Kitex Team chairman and taking care of director Sabu M Jacob signed an MoU with the Telangana govt.

The second premier maker of attire for infants at this time manufactures 1 million pieces of infant attire at its facilities in Kerala for exports to the US. The enterprise is searching at acquiring about 375-400 acres for the two models. The very first a person at KMTP is slated to begin business operations from November 2022, Jacob mentioned on the sidelines of the MoU signing ceremony.

“Three months is the time for land preparations and we will begin construction by January 2022. In 6 months we will finish the structures and by August-September we will start commissioning the equipment at KMTP,” Jacob explained, adding that perform on the Sitarampur facility will begin soon after the KMTP unit.

Telangana industries minister KT Rama Rao explained Telangana was equipped to bag this marquee expense starting with an SMS that he despatched to Kitex Group CMD followed by a cellphone simply call following Jacob announced his decision to exit Kerala where by he was scheduling to spend Rs 3,500 crore.

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