Kerala-based Kitex Group signs MoU to invest Rs 2,400 cr in Telanganatext_fields
Hyderabad: Kerala-based textiles major Kitex Group will invest Rs 2,400 crore in Telangana to set up two integrated fibre to apparel manufacturing clusters.
The group, which had announced Rs 1,000 crore investment in July, has expanded its investment plans.
As per the MoU signed with the government of Telangana on Saturday, Kitex will set up integrated fibre to apparel manufacturing clusters at the Kakatiya Mega Textile Park in Warangal and at Sitarampur in Rangareddy district.
The investment will provide direct employment to 22,000 people and indirect employment to 18,000 people.
The MoU was signed by Jayesh Ranjan, Principal Secretary (Industries), government of Telangana, and Kitex Group Chairman and Managing Director Sabu M Jacob in the presence of Industry Minister K.T. Rama Rao, Panchayat Raj Minister E. Dayakar Rao and Education Minister P. Sabitha Indra Reddy.
Kitex manufactures products for 0-24-month-old babies.
Speaking on the occasion, Jacob said that he expects that three million pieces will be shipped from Telangana to the US market.
"When we decided to quit Kerala and withdrew our investment of Rs 3,500 crore, I got invitations from all the states in India and other countries too," he said.
Jacob also said that he is in Telangana because of K.T. Rama Rao, who was the first person to call him and personally invite him.
KTR, as the minister is popularly known, narrated how he reached out to Jacob after Kitex pulled out of Kerala, and arranged a special flight for Jacob to visit Hyderabad and Warangal.
The minister said Jacob told him that he would kickstart the unit in Warangal in November 2022. He also assured all support to the company in setting up both the plants.
The minister thanked Jacob for announcing 150,000 PPE kits worth Rs 6 crore for Telangana under corporate social responsibility.