Kitex Garments To Invest Rs 2,406 Crore In Two Textile & Industrial Parks In Telangana
Shares of Kitex Garments Ltd. rose over 5% to Rs 178.56 apiece after the company signed MoU with Telangana state government to invest Rs 2,406 crore in the state. According to an exchange filing by Kitex Garments, the investment is planned at Kakatiya Mega Textile Park, Warangal (Rs 1,113 crore) and Industrial Park, Sitarampur, Rangareddy district (Rs 1,293 crore)
The company said that the investment is driven to utilize the ease of doing business in the state. Telangana is the third largest producer of cotton in India and the state’s textile apparel policy offers attractive incentives. Better logistics, infrastructure facilities and reduced cost of labour are some of the other reasons for the investment, Kitex Garments added.