The Kitex group of companies had given a letter of intent (LoI) for making investments to the tune of ₹3,500 crore in the State, but the group had not taken any follow-up measures after January 2020, Minister for Industries P. Rajeeve said on Thursday.
Addressing a meet-the-press programme organised by the Kerala Union of Working Journalists (KUWJ) here, Mr. Rajeeve said that no MoU was signed in connection with the proposed investment.
He was responding to the Kitex group's announcement that it was withdrawing from making fresh investments to the tune of ₹3,500 crore in Kerala, alleging persecution by the State government.
The LoI was given during the Ascend 2020 investors meet in January 2020, and the company had not followed it up since then, according to the Minister.
“'We are a responsible government. We still want them to come. Political issues will be dealt with politically. But if they are facing a problem as an industry or investor, we will look into it with all seriousness,” Mr. Rajeeve said.
On Kitex Group chairman Sabu Jacob’s complaints regarding repeated inspections carried out at the firm’s factory, the Minister said lightning inspections are not carried out in firms that function according to established norms. But if problems of a grave nature are noticed, the departments concerned can take appropriate steps, he said.
