Kitex Garments has recently announced that they have shifted their capex plans from Kerala to Telangana and have announced an initial capex of around Rs 1,000 crore. Sabu Jacob, Chairman and Managing Director of Kitex Garments, discussed this further.

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"Rs 3,500 crore is the total project that we are looking for. We have decided to invest – the first phase of Rs 1,000 crore in Telangana," he said.

In terms of funding, the company is looking for different options because Telangana is giving an 8 percent interest rebate. "That means our interest cost is going to be less than or equal to 1 percent. We have to see different options, we are reviewing all the options and maybe in a week or two, we will be able to finalise it,” he added.

The company has not decided to go for a debt. However, that is one of the options, Jacob said.

According to him, there is no issue with the demand. The production is in full swing and the company is looking at a record turnover in the current financial year, he stated.

For the full interview, watch the accompanying video.

(Edited by : Priyanka Rathi)

First Published:Jul 13, 2021 3:03 PM IST