Warm welcome for Kitex delegation in Telangana, stocks rise

HYDERABAD: Kitex MD Sabu M Jacob and his team received a warm welcome in Telangana to discuss investment projects worth Rs 3,500 crore. The delegation, which arrived in Hyderabad on Friday afternoon on a special jet sent by the Telangana government, had lunch with Industries Minister KT Rama Rao and held official talks. The Minister briefed the delegation on the business friendly environment prevailing in Telangana. Rama Rao tweeted pictures of the discussion.

The delegation, which will visit the Welspun factory on Saturday morning, will return from Telangana at noon after final talks with the minister. According to reports, the Telangana government has offered Kitex huge benefits, including a capital subsidy. Meanwhile, Kitex shares rose on the back of a move to invest in Telangana. The stock has risen 13 percent in two days. The stock started trading at Rs 113 today and rose above Rs 140. Kitex's share price had earlier fallen below Rs 110 following the announcement that it would withdraw its investment plans in Kerala.

Earlier, Sabu M Jacob had said that his decision to go to Telangana was due to the fact that it tops the list of industrial friendly states. They were the first to approach me with great interest. Going by private jet sent. He said he would think of other states after talking to them. He was speaking to the media when he reached Nedumbassery on his way to Hyderabad.