KOCHI: Kitex Garments Ltd (KGL), the leading Kerala-based garments manufacturer specialized in kidswear, has announced the incorporation of four fully owned subsidiaries – Kitex Packs Ltd (KPL), Kitex Socks Ltd (KSL), Kitex Knits Ltd (KKL) and Kitex Babywear Ltd (KBL) in one go.
All these subsidiaries will have an authorized as well as paid up capital of Rs10 lakh each, according to a statement filed by the company with the stock markets.
About two weeks ago, the company had announced the incorporation of another fully owned subsidiary, Kitex Kidswear Ltd with a much larger paid-up capital of Rsone crore and an authorized capital of rs25 crore.
Kitex has been in the business of making infant garments for long, and is currently the world’s leading manufacturer of specialized infant apparels for 0-2 years.
Kitex Garments had earlier in the year announced that the company would invest Rs200 crore each in two of its new wholly owned subsidiary companies. The company had also said it would engage KPMG for the implementation of the project.
Kitex Garments exports about 95 per cent of infant wear to the United States and the rest to Europe. The company also engages in contract manufacturing for private labels such as Jockey, Carter, Babies R Us, Gerber and Mothercare.