India's Kitex Garments receives invitation for investment in Sri Lanka

Kerala-based Kitex Garments recently received an invitation to invest in Sri Lanka from the island nation’s deputy high commissioner to Chennai D Venkateshwaran, who assured Kitex managing director Sabu Jacob of ‘complete cooperation’ from Colombo, according to reports from south India.

The company, however, is yet to take a decision on whether it would venture into the southern neighbour.

Kitex recently announced it would invest Rs 1,000 crore ($134.6 million) in Telangana.

Earlier, Bangladesh and several Gulf countries had offered the group incentives for investment after it scrapped a Rs 3,500-crore investment plan in Kerala.