Government of Tamil Nadu invites Kitex; Promise of benefits including subsidy

At first glance

100% discount on stamp duty

The government will pay 20% of the salary

Kochi: Kitex has received an official invitation from the Tamil Nadu government to start a business in Tamil Nadu. Many benefits are promised. The invitation from Tamil Nadu came after the Kitex Group announced that it was abandoning a Rs 3,500 crore project in Kerala.

Kitex has pulled out of a Rs 3,500 crore project with the state government, citing eleven inspections in a month. Kitex also raised strong criticisms of the government. This was followed by an official invitation from Tamil Nadu.

The Vice President of the Tamil Nadu Industries Minister has written to Kitex in this regard. The content of the letter is that you are invited to start a business in Tamil Nadu. Kitex said it has offered eight benefits, including subsidies, interest rebates and a 100 per cent reduction in stamp duty. But Kitex has not yet made that decision.

Sabu Jacob alleged that despite announcing the withdrawal of the Rs 3,500 crore project, no one from the state government had called and inquired into the matter. He also blamed the state for not giving a single rupee benefit to the industries in the state and for doing so in a way that would cause maximum harm.

Kitex has received an official letter from the Tamil Nadu government. The most important part of the letter is that 40 per cent of the investment will be subsidized by the Government of Tamil Nadu. 100 per cent reduction in stamp duty, in addition to which the state government will pay 20 per cent of the workers’ salary for ten years. On top of this they say they can ask if there is any special need and they can do a special package work for it.

Industries in our state are not given a single rupee benefit. It is doing what it can to hurt as much as possible. But the neighboring state is trying to bring in Varikori investment. I was told that I could call after learning and understanding.

It is time for Kerala to think. Twenty more years from now, when not a single industry will exist in Kerala. Today, Kerala is ranked 28th in the country in terms of industry. Only Tripura is behind us. Yet he is acting arrogantly without understanding things. ‘ – Says Sabu

Content Highlights: Kitex has received an official invitation from the Tamil Nadu Govt to start business

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