Italian co to invest $73 m. in subsidiary In Kerala
Our Bureau (BL)
THIRUVANANTHAPURAM, Oct. 1
THE Carrera group of Italy, known for jeanswear and fashion designs, is setting up a 100 per cent equity-financed Indian arm, Carrera India, and is planning to invest $73 millions in phases for setting up garment-making, weaving and spinning facilities at the International Apparel Park coming up here.
The garment production unit is expected to be commissioned in December, according to Mr. Tito Tacchella, Chairman, Carrera. He told newspersons here that the Kerala Industrial Infrastructure Development Corporation (Kinfra), promoters of Apparel Park, and the Kerala State Industrial Development Corporation (KSIDC), will contribute ``in kind' by way of infrastructural support.
Carrera India will produce Spin Tech, an exclusive clothing material of cotton and polyester mix. Spin Tech, nicknamed `wash-and-go', is wrinkle-free. The raw material, especially cotton, is to be procured locally but Mr. Tacchella declined to identify the source.
The Carrera group has production bases in 12 countries. US and Japan have been the traditional markets but the group is toying with the idea of entering the Internet market as well.
When asked to elaborate on his plans for Kerala, Mr. Tacchella said his company did not intend to test the waters merely to skim the profits and get done with it, as is the case normally associated with `production tourism'. |
