“The company has entered into a memorandum of understanding (MoU) with Government of Andhra Pradesh on January 27, 2017, for setting up of 4 apparel manufacturing units over a period of next 3 years in Chittoor district involving an investment of approximately up to Rs 200 crore which is likely to generate approximately 5,000 new jobs,” Gokaldas Exports said in a statement filed with the Bombay Stock Exchange.
“The said investment is however subject to such terms and conditions as requested and sought by the company including appropriate infrastructural support and relevant incentives and subsidies being made available to the company with the Government of Andhra Pradesh,” the filing said.
Currently, Gokaldas Exports employs nearly 25,000 people across its 23 manufacturing units. It manufactures and exports men’s, women’s and kids’ apparel and outerwear. (RKS)
ALCHEMPro News Desk – India
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