Sabu M. Jacob
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The Kitex Group had announced a Rs 3,500 crore project that would provide employment to 35,000 people. The memorandum of understanding was signed with the government at the investment meeting held in Kochi. However, Kitex has decided to withdraw from the project in the wake of ongoing scrutiny by the company. Following this, the Tamil Nadu government welcomed the Kitex Group.
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The main promises are land at half price, 100 per cent reduction in staff duty, 5 per cent interest reduction for six years and 25 per cent subsidy for environmental protection systems. The Government of Tamil Nadu will provide 50 per cent subsidy on intellectual property expenses, Rs. 4,000 / – for labor training for up to six months, Rs. Assuring.
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Kitex chairman Sabu M Jacob told News18 that he would hold talks with the former Tamil Nadu government to implement the project. Industry Minister P Rajeev had earlier said that the issue with the Kitex Group would be resolved. But Sabu M Jacob said officials had not even called. Sabu M Jacob had said that legal action would be taken against the company if the notice issued by the labor department was not withdrawn.