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Tamil Nadu government formally invites Kitex Group to invest in state

Tamil Nadu: The Tamil Nadu government on Friday, announced in a press release, that it had formally invited Kitex Group to invest in the state. It follows the group’s announcement that it would withdraw from investment commitments worth Rs 3,500 crore in the garment industry and private industrial parks in Kerala. The group cited harassment by the Labour Department and other departments by making frequent inspections of their premises at Kizhakkambalam, for its withdrawal.

Upon announcing that his investment plans had been halted, Sabu M. Jacob, chairman of Kitex Group, expressed his surprise that no government official had contacted him. He said that in stark contrast, he received calls and letters from Chief Ministers, Industry Ministers, and others who invited him to invest in their states.

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According to the press release, Tamil Nadu had offered numerous incentives alongside the invitation letter. A 40% subsidy on investment, free land, no stamp duty, 5% interest rebate for six years, 50% subsidy for quality control mechanisms, the low-power tariff for five years, state GST exemption, and the government paying up to a 20% wage subsidy comprised the incentive package. In the press release, Mr. Jacob said the invitation follows discussions with the Minister for Industries and Principal Secretary (Industries) of Tamil Nadu this week.’

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