Kitex Garments Limited at its board meeting held on November 11, 2022, approved Incorporation of new subsidiary company in the name of Kitex Apparel Parks Limited wherein the Company had subscribed to the shares worth INR 700 million out of total investment of INR 1000 million. Further, the Company along with its promoter group company le Kitex Childrenswear Limited has invested additional funds of INR 1000 million of which 70
crores divided by 70 million shares of INR 10 each has been invested by the Company upto September 30, 2022. Altogether, the Company has invested INR 1400 million in Investee Company.