Kitex Garments signs MoU with Telangana Govt to invest Rs2,406cr in a textile and industrial park; Stock rises

With the two projects, the company will add 18 lakh units per day to its capacity. Currently, the existing capacity is 4,32,000 units (infants garments) per day.

Sep 21, 2021 01:09 IST India Infoline News Service

Kitex Garments has signed the Memorandum of Understanding (MoU) with Telangana State Government for investing Rs. 2,406 crores in the state of Telangana. The investment is planned at Kakatiya Mega Textile Park, Warangal and Industrial Park, Sitarampur, Rangareddy District.

Under the Kakatiya Mega Textile Park, Warangal, the company plans to invest Rs1,113cr. The company will commence the project by October this year, and its commercial production is expected to begin by December 2022. While the full capacity of the project is expected to be operation by December 2023.

While under the Industrial Park, Sitarampur, Rangareddy District, the company will invest Rs1,293cr. The project will begin in April 2022, and its commercial production will commence from June 2023. The full capacity of the project will be operational from June 2024.

With the above two projects, the company will add 18 lakh units per day to its capacity. Currently, the existing capacity is 4,32,000 units (infants garments) per day.

The investment mode will be decided by the company's board of directors in due course.

At around 1.31 pm, Kitex was trading at Rs171.70  per piece up 1.2% on Sensex. 

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