Kitex Garments Limited , a prominent player in the textile industry, recently held its 32nd Annual General Meeting (AGM) on September 28, 2024, where shareholders approved two significant board appointments, strengthening the company's leadership team.

New Independent Director Appointed

Mr. A K Mathew has been appointed as an Independent Director for a five-year term, effective from August 14, 2024. Mathew brings a wealth of experience to the board, having served in key positions at public limited companies. His impressive track record includes roles such as:

• General Manager at Hindustan Insecticides Ltd
• Managing Director at The Travancore Cochin Chemicals Ltd

Mathew's extensive background in general management is expected to contribute valuable insights to Kitex Garments' strategic decision-making processes.

Whole-Time Director Re-appointed

In addition to the new appointment, shareholders approved the re-appointment of Mrs. Sindhu Chandrasekharan as Whole-Time Director for another five-year term, commencing March 16, 2025. Chandrasekharan has been an integral part of the Kitex Group since 1995, currently serving as Assistant Vice President (Finance). Her areas of expertise include:

• Treasury management
• Cash management systems

With nearly three decades of experience within the company, Chandrasekharan's continued presence on the board ensures continuity and deep institutional knowledge.

Board Independence and Compliance

It's worth noting that both Mr. Mathew and Mrs. Chandrasekharan have been confirmed as not being related to any existing company directors. This underscores the company's commitment to maintaining an independent and diverse board composition.

Furthermore, the company has stated that neither of the appointed directors has been debarred from holding directorship positions by any regulatory authority. This affirmation aligns with good corporate governance practices and regulatory compliance.

The approval of these appointments at the AGM reflects shareholders' confidence in the chosen directors and their potential contributions to Kitex Garments' future growth and governance.

As Kitex Garments moves forward with its refreshed board, stakeholders will be keen to observe how these leadership changes may influence the company's strategies and performance in the competitive textile industry.

Kitex Garments Limited has announced a significant operational milestone for its subsidiary, Kitex Apparel Parks Limited. The company has officially commenced commercial production at its new manufacturing unit located in Warangal District, Telangana State.

Expansion into Telangana

The announcement marks an important step in Kitex Garments' expansion strategy, as the company extends its manufacturing footprint into Telangana. This move is expected to enhance the company's production capabilities and potentially contribute to its market presence in the apparel sector.

Official Notification

In compliance with regulatory requirements, Kitex Garments Limited has formally notified both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) about this development. The company adhered to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in making this disclosure.

Strategic Implications

The commencement of commercial production at the Warangal facility represents a strategic move for Kitex Garments. By establishing a manufacturing presence in Telangana, the company may be positioning itself to capitalize on regional advantages, potentially including labor availability, logistics, or state-specific incentives.

Looking Ahead

While specific details about the new facility's capacity or expected output have not been disclosed, the start of commercial production suggests that Kitex Apparel Parks Limited has completed its setup phase and is now ready to contribute to the group's overall production capabilities.

Investors and industry observers will likely be watching closely to see how this new manufacturing unit impacts Kitex Garments' operations and financial performance in the coming quarters.

As the textile and apparel industry continues to evolve, Kitex Garments' expansion into Telangana could play a crucial role in the company's growth strategy and market positioning.