Sabu jacob even added that when Kitex USA turns profitable he might remove KCL as its co owner and make it 100 percent KGL owned.
He expects kitex usa to become profitable in a couple of years as majority costs r fixed. Kitex usa has hired a 8 man management team and is paying heavy salaries to them right now. He has some very experienced and senior people in the team.
I also asked him regarding the increasing spend on CSR.he said he will take loan in personal capacity and do it from next year onwards.
From what i understood from the locals is that CSR spending is actually required in states like kerala to garner local support in order to run business smoothly.kerala is typically a tough place to do business with severe labor problems and political goons. Hence the need for kitex to get into gram panchayat and stuff… these reports of sabu jacob having political ambitions are completely baseless.
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