New Delhi: Kitex Group will invest Rs 1,000 crore to develop a facility at the Kakatiya Mega Textile Park in Warangal, Telangana government announced on Friday. An official release from the state government said that representatives from the Kitex Group led by Chairman Sabu M Jacob met Industries Minister KT Rama Rao.
“In principle, The Kitex Group has agreed upon a Phase- I investment of 1000 crore within a span of two years in the textile industry for the project Textile Apparel in the Kakatiya Mega Textile Park in Warangal. This investment will generate employment of 4000 jobs in the State of Telangana,” said Jacobn as quoted by PTI.
The company had withdrawn from a Rs 3,500 crore investment in Kerala cutting harassment from the authorities.
His team was brought on a chartered flight from Kochi to Hyderabad before they were taken on a chopper to the Kakatiya Mega Textile Park.
Source told PTI that Jacob expressed satisfaction over the industry-friendly policy of the state.
Meanwhile, Kerala’s Industries Minister P Rajeev said that the government was ready to discuss the issues raised by the company.
“The government is still open…issues can be discussed with the investors and take things forward,” Industries Minister P Rajeev told reporters in Thiruvananthapuram.
Before going to Hyderabad, Jacob told reporters in Kochi that the state government didn’t intervene even after his decision to withdraw from the investment.
He further said that he was not leaving on his own but was being “hounded out”.
He reiterated his charge that the atmosphere in Kerala was not conducive for launching a business and said no other investor should face such an experience in the state.
The industries minister, however, rejected the charges, saying the state has a conducive atmosphere for launching industries, and young investors in various start-ups would tell their better experience with the state government.
Rajeev reiterated that neither the state government nor any of its departments on its own initiated any inquiry into or inspection of Kitex Garments Ltd and all these were a result of complaints to the National Human Rights Commission, Kerala High Court, and the authorities against the company.
Kitex Garments Ltd had said it has decided to withdraw from the project signed during the “Ascend Global Investors Meet” organised by the Kerala government in Thiruvananthapuram in January 2020, alleging that it was difficult for the company to run the existing industrial units in the state.
Jacob had alleged that various units of Kitex were raided 10 times by officials from various departments during the past month.
With inputs from PTI