Kitex Garments receives investment offer from Sri Lanka

Kitex has already announced an Rs 1,000 crore investment in Telangana and claimed to also receive investment offers from 8 other states

Kitex Garments has received an invitation to invest in Sri Lanka by the island neighbor’s Deputy High Commissioner to Chennai, Dr. D Venkateshwaran.

The offer was made during a visit with Kitex MD Sabu Jacob on July 24, Mathrubhumi reported.

Venkateshwaran told Jacob there would be “complete co-operation” if Kitex were to invest in Sri Lanka.

The report added that while the invitation is out, Kitex has not yet made a decision on whether it would venture further south.

Notably, the company has already announced a Rs 1,000 crore investment in Telangana and claimed to also receive investment offers from 8 other states, it said.

Earlier, Bangladesh and several Gulf countries had offered the group incentives for investments after it scrapped a Rs 3,500 crore investment plan in Kerala, the management had said.