Kitex Garments Ltd to invest Rs. 1,000 Crores in Telangana state

The Kitex team was invited by Govt of Telangana for discussions on potential investment opportunities in the state. The team headed by Shri. Sabu M Jacob visited the state, attended discussions chaired by Industries Minister along with the senior executives of the state. The team also visited Kakakatiya Mega Textile Park, and Chandanvelli Industrial Parks. Further to the discussions, the company has agreed in principle to invest Rs 1000 Crores to set up apparel manufacturing facilities in the state which will create 4000 additional employment opportunities over the next 2 years.

The State of Telangana ranks among highest in ease of doing business and is an ideal destination for apparel manufacturing as it is the 3 largest producer of cotton in India, has sufficient infrastructure facilities, investor friendly state policy, thereby very conductive for industrial growth. With liberal government policy, availability of raw material and various incentives offered by the state, the company expects to reduce its operating cost, shorten payback period and drive profits. The Company also expects to fast track its investment with active state government support.

Shares of KITEX GARMENTS LTD. was last trading in BSE at Rs.168.65 as compared to the previous close of Rs. 140.55. The total number of shares traded during the day was 976427 in over 16071 trades.

The stock hit an intraday high of Rs. 168.65 and intraday low of 147.35. The net turnover during the day was Rs. 159952744.

Source : Equity Bulls

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