MOU signed with Telangana Government
Chairman & Managing Director, Kitex
Kitex has signed the Memorandum of Understanding (MoU) with Telangana State Government for investing Rs. 2,406 crores. The investment is planned at Kakatiya Mega Textile Park, Warangal and Industrial Park, Sitarampur, Rangareddy District.
Kitex is planning to invest Rs. 1, 113 crores in Kakatiya Mega Textile Park and Rs. 1, 293 crores in Sitarampur. The Kakatiya project will start by October 2021 and commercial production is expected to begin by December 2022. The company is expecting to achieve full capacity by December 2023.
The Sitarampur project will start by April 2022. Commercial production will start by June 2023 and expected to achieve full capacity by June 2024.
Kitex’ current capacity is 432, 000 units of infant garments per day. The company is currently working on 100% capacity utilisation. The new investments in Telangana will add additional capacity of 18 lakhs units per day.
Telangana is among the top 3 states for ease of doing business. The state is the 3rd largest cotton producer. Telangana’s textile and apparel policy offers a very attractive incentive scheme, better infrastructure and logistics, reduced cost of labour and overall better profitability in the long run.