Kitex Garments’ Board of Directors has approved investment proposal of Rs 2,406 crore in Kakatiya Mega Textile Park, Warangal and Industrial Park, Sitarampur, Rangareddy District. The Board has decided to incorporate a new subsidiary company in Telangana with an initial investment of Rs 750 crore. Around 70 per cent of the initial investment will be made by Kitex Garments and 30 per cent will be invested by Kitex Childrenswear.

The Board also noted the decision on source of funds for the investment plan will be made based on the detailed project report of Ernst & Young (EY). A part of the renowned Anna-Kitex group of companies, founded by MC Jacob, Kitex Garments is the largest employer in private sector in the state of Kerala.

Established in 1992, the company caters to prominent and renowned conglomerates in the US and Europe. It currently employs around 9,500 people at its facility, and has been a business provider to many satellite businesses in the state.