Month: January 2018

Kerala’s Kitex gets Karnataka nod for infants garment unit

The Karnataka State Government has given permission to Kerala-based Kitex Garments, part of the Anna-Kitex group of companies, to invest Rs. 493 cr in a readymade garments unit in Hassan. The company plans to start commercial production by March 2019. The unit will be quickly set up by housing in an assembled steel building, imported from the Gulf. The unit will have an initial capacity of 1,500 to 2,000 people. In Phase 1, it will produce up to 2-lakh pieces of infant’s garments, Kitex Chairman and Managing Director Sabu M Jacob told. The expansion will be over by 2021...

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CAIT gets Minister word on retail trade policy

Following a demand by the Confederation of All India Traders (CAIT) to formulate a national policy for retail trade, Indian Commerce Minister Suresh Prabhu has agreed to formulate one to include all verticals of retail trade — small business, big retail, e-commerce and direct selling — under one umbrella, the confederation said in a statement. In a recent meeting between Prabhu and a CAIT delegation, the industry body complained against e-commerce platforms for indulging in deep discounting and loss funding, thereby violating the government’s Foreign Direct Investment Policy (FDI) 2016, according to report. CAIT said e-commerce platforms are directly...

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Govt. okays 100 per cent FDI under automatic route for SBRT

To liberalise and simplify the foreign direct investment (FDI) policy, the Union Cabinet chaired by Prime Minister Narendra Modi has given its approval to a number of amendments. Government approval will no longer be required for FDI in Single Brand Retail Trading (SBRT). This will, in effect, allow 100 per cent FDI under automatic route for SBRT. “Extant FDI policy on SBRT allows 49 per cent FDI under automatic route, and FDI beyond 49 per cent and up to 100 per cent through government approval route. It has now been decided to permit 100 per cent FDI under automatic...

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Huge subsidies for sericulture

India’s Central Silk Board is offering huge subsidies, including benefits in purchase of fertilizer and pesticides to selling of cocoons and yarn, to farmers preferring sericulture along with free training on best farm practices, says Board Chairman KH Hanumantharayappa. The subsidies are up to 90 per cent for scheduled caste and scheduled tribe farmers. Hanumantharayappa said this recently after interacting with mulberry farmers from Gollaprolu and Chebrolu in Andhra Pradesh, according to a report in a top South Indian newspaper. Andhra Pradesh holds second place in the country in silk cocoon production. The Central Government, through the Silk Board,...

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Indian Terrain targets Rs. 1,000 cr revenue in 3 yrs

Chennai-based Indian Terrain Fashions plans to turn a Rs. 1,000-crore firm by fiscal 2020-21 by expanding its sales network and reach, particularly in north and east India, according to company chairman and managing director Venky Rajagopal. It expects its kids- wear brand India Terrain Boys to grow four times to Rs. 200 cr in the next three years. The company, which has a gross revenue of around Rs. 700 cr this fiscal and is growing with a compound annual growth rate of over 20 per cent, is also optimistic about a higher contribution from accessories to its bottom line,...

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