TN govt invites Kitex Group to invest in State

Chennai: The Tamil Nadu government has extended a formal invitation to Kitex Group to invest in the State, the group has said in a press release.

The invitation comes close on the heels of the group announcing that it was withdrawing from investments to the tune of Rs 3,500 crore promised in garment manufacture sector and private industrial parks in Kerala. The group had alleged harassment in the form of frequent inspections on its premises at Kizhakkambalam, near Kochi, by officials of the Labour and other departments.

Sabu M. Jacob, chairman of Kitex Group, told that he was surprised that no official from the State contacted him since he announced the scrapping of investment plans.

This was in stark contrast to Chief Ministers, Industries Ministers and others contacting him during these three days inviting him to invest in their States, he said.

The press release said Tamil Nadu had offered many incentives along with the invitation letter. The incentives included 40% subsidy on investment, land at half the market rate, exemption on stamp duty, 5% interest rebate for six years, 25% subsidy for pollution control/environment protection measures, Rs 4,000 to Rs 6,000 per worker during the six-month training period, 50% subsidy for quality control mechanisms, low power tariff for five years, State GST waiver for capital investment and the government paying up to 20% of wages for 10 years.

 

Asianet.in/News Desk: Asianet Online