Kitex’ mother unit in Telangana, industries department in Kerala is like a frog in the well, says Sabu Jacob

KOCHI: The mother unit of Kitex will be established in Telangana, said Kitex Group MD Sabu Jacob. He said the MoU will be signed by the end of this month. Sabu Jacob harshly criticized the state government and the industries department at the press meet convened in Kochi. He said they received a lot of benefits when arrived in Telangana.

‘The Telangana government assured to provide electricity, water and land required for the industry at affordable rates. They also assured that electricity will not be disrupted at any time. The stand of the Telangana government is that they want jobs and not investment. All investments in future would be in Telangana. There are many industrial parks in Kerala as well. What is in Telangana is completely different from what is here. Facilities like road, water and electricity are modernized there. The minister himself had assured that officials will not enter the establishments in the name of inspection. The industries minister in Telangana is one who speaks very practically with the ability of a technical expert. When a problem is presented, the minister immediately tells the solution of it in a minute, said Sabu Jacob.

The industries department of Kerala is like a frog in the well. The government tries to make sure there is no problem here. Expatriates invest here and reach a situation of committing suicide. Kerala has a major role in the growth of Kitex, but if it had not been an industry in Kerala for 53 years, its growth would have doubled. The loss of 53 years is expected to be recovered in another 10 years. Sabu Jacob said the chief minister had been associated with his family for 18 years and is not responding against him.

In the meanwhile, the price of Kitex's share has risen. The sale is still going on with surge in prices to 20%. Shares of Kitex rose as much as 20 per cent last Friday following investment talks with Telangana. The stock has risen to 40 % in two days.