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

HYDERABAD: Kitex Team, which accused the Kerala authorities of hounding it out of the point out, has made a decision to ramp up its investment committent in Telangana. From an original announcement of Rs 1,000 crore in one particular clothing facility, the business has made a decision to devote Rs […]

HYDERABAD: Kitex Team, which accused the Kerala authorities of hounding it out of the point out, has made a decision to ramp up its investment committent in Telangana.

From an original announcement of Rs 1,000 crore in one particular clothing facility, the business has made a decision to devote Rs two,400 crore in environment up two integrated fibre-to-clothing producing clusters in Telangana. This will develop 22,000 direct work and close to eighteen,000 indirect work.

The two clusters, which will occur up at Kakatiya Mega Textile Park in Warangal and Sitarampur in Rangareddy district, will ship a few million parts for each year of clothing for kids in the -24 months age team to the US. The information had been specified out on Saturday after Kitex Team chairman and running director Sabu M Jacob signed an MoU with the Telangana authorities.

The second largest manufacturer of clothing for infants presently manufactures 1 million parts of toddler clothing at its facilities in Kerala for exports to the US. The business is seeking at obtaining about 375-400 acres for the two units. The initially one particular at KMTP is slated to start professional operations from November 2022, Jacob stated on the sidelines of the MoU signing ceremony.

“Three months is the time for land preparations and we will start design by January 2022. In six months we will total the buildings and by August-September we will start commissioning the machinery at KMTP,” Jacob stated, including that perform on the Sitarampur facility will start after the KMTP device.

Telangana industries minister KT Rama Rao stated Telangana was equipped to bag this marquee investment starting up with an SMS that he despatched to Kitex Team CMD adopted by a cell phone connect with after Jacob announced his determination to exit Kerala the place he was setting up to devote Rs three,five hundred crore.

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