Kerala-based Kitex Group on Friday said it would invest Rs 1000 crore in setting up a textile manufacturing facility in the city of Warangal in Telangana.
The facility is to come up in the Kakatiya Mega Textile Park which a delegation from the group visited earlier in the day, an official release said.
The delegation, led by Sabu M Jacob, the Chairman and Managing Director of the group, met the Telangana IT and Industries Minister KT Rama Rao today before the visit to the park.
The Minister gave an overview of what he called progressive industrial policies of Telangana and said there was availability of required resources for the textiles sector, according to an official release.
The Kitex group expressed satisfaction on the overview and appreciated the quick decision-making in regard to investments.
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 an employment of 4,000 jobs in the State of Telangana, a release quoted Jacob as saying.
The group was taken in a chopper to the Kakatiya Textile Park to have a look at its facilities, the sources said.
The Minister and senior officials had asked Jacob to visit the State to know about ease of doing business there.
Last week, Jacob said Kitex group was withdrawing its Rs 3,500-crore project from Kerala after alleged harassment by its government officials.