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Business News/ News / India/  Telangana: How a private plane brought 2,400 crores investment, 22,000 jobs
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Telangana: How a private plane brought ₹2,400 crores investment, 22,000 jobs

The investment will provide direct employment to 22,000 people and indirect employment to 18,000 people

Sabu Jacob credited Rao for this investment in TelanganaPremium
Sabu Jacob credited Rao for this investment in Telangana

Kitex Garments informed the indices on Monday that the company has signed the Memorandum of Understanding (MoU) with Telangana State Government for investing 2,406 crore in the state for two major industrial projects.

In a video going viral on Twitter, Telangana Industries Minister KT Rama Rao is seen narrating how he reached out to Kitex Group MD Sabu Jacob after Kitex pulled out of Kerala. KTR tells how the state govt laid the red carpet and arranged a special flight to get a businessman to invest 2,406 crore in his state. 

The video was also shared by billionaire industrialist Harsh Goenka.

Sabu Jacob credited Rao for this investment in Telangana. “I am here today only because of one person, and that is Minister K.T. Rama Rao. He is the first person to call and invite me to Telangana."

As per the MoU signed with the Telangana, Kitex will set up integrated fibre-to-apparel manufacturing clusters at two locations — the Kakatiya Mega Textile Park in Warangal, and at Sitarampur in the Rangareddy district.

The investment will provide direct employment to 22,000 people and indirect employment to 18,000 people, KT Rama Rao said.

Rao also added that 85-90% of the 22,000 workforce would comprise women. He lauded the Kitex Group’s target of supplying 3 million pieces of garments.

Alleging harassment by the Kerala government officials, Sabu M Jacob had in June said his group was withdrawing its 3,500 crore project from the state. 

Jacob had on July 12 said the Telangana state government has offered a wide range of incentives and facilities for his venture.

 

 

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Published: 23 Sep 2021, 12:34 PM IST
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