Kitex withdraws Rs 3,500 crore investment plan; The decision was protested against the constant scrutiny of government various departments.
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Kitex to pull out of Rs 3,500 crore investment plan
Kitex withdraws Rs 3,500 crore investment plan; The decision was protested against the constant scrutiny of government various departments
According to various media reports, Kitex is abandoning its Rs 3,500 crore investment plan. Kitex is now withdrawing from the MoU signed with the government.
The decision was taken in protest of the ongoing inspections by government departments. Eleven inspections were performed during the last month. Kitex has announced the decision in a press release.
Kitex MD Sabu M. Jacob said the current situation is that even the current industry cannot move forward. The agreement was to start an apparel park and three industrial parks.
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