Team to leave for Hyderabad today to discuss investment plan
The managing director of Kitex Garments, Sabu M. Jacob, will travel to Hyderabad on Friday to discuss investment plans worth ₹3,500 crore with the Telangana government.
A team from the Kitex Group led by Mr. Jacob will leave by a private jet sent by the Telangana government, said a press release from the Kitex Group here on Thursday. The group has been invited by K.T. Rama Rao, Industries Minister of Telangana.
A delegation from Telangana will reach Kochi on Friday to discuss possible investments. The delegation will then accompany the Kitex team to Hyderabad.
The six-member Kitex team will comprise Mr. Jacob; directors Benny Joseph and K.L.V. Narayanan; operations vice-president Harkishan Singh Sodhi; chief financial officer Bobby Michael; and general manager Saji Kurien, the communication said.
Mr. Jacob has already had a round of discussions with officials from the Telangana government and the meeting in Hyderabad on Friday will be a follow-up.
‘Dropping Kerala plans’
The Kitex group head had said that the company was dropping its plan to invest ₹3,500 crore in Kerala following ‘harassment by government agencies, which conducted 11 inspections on the factory site in June.’ The inspections were held without any notice and no notices had been issued to the company on the basis of the inspections, Mr. Jacob added.
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