Kitex Garments to infuse Rs400cr in two new subsidiaries
Kitex Garments on Wednesday announced in its filing on BSE that it will form two new subsidiaries. The company will engage M/s KPMG in total implementation of the project. The company will also invest Rs400cr (Rs200cr each ) in these companies from internal accruals and borrowings.
The new facilities will help the company to increase its manufacturing capabilities. The capacity addition will help the company to meet rising future demand and which will drive revenue growth. The company is currently one of the largest producers of children’s apparel in the world.
Kitex Garments Ltd ended at Rs240.45 up by Rs0.35 or 0.15% from its previous closing of Rs240.10 on the BSE. The stock traded below its 200 DMA.
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