The company clarified that no formal proposal has been submitted yet for setting up the manufacturing facilities in Telangana.
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Page Industries, on Friday, clarified that it has not entered into any “definitive agreement” for setting up its new facilities in Telangana.
The company said that no formal proposal has been submitted to the Telangana government for setting up a manufacturing unit in the state.
Page Industries' clarification comes after a report published in the Business Standard, which stated that the company would be setting up two manufacturing facilities in Telangana with an investment of Rs 290 crore.
The company added that while it is looking for land or an industrial unit to expand its manufacturing capabilities to meet future demand, it has been in the process of meeting officials from the Telangana government to understand details regarding land, price, location, and more.
Page Industries is the exclusive licensee of Jockey International in India, Nepal, Bangladesh, Sri Lanka, and the United Arab Emirates.
Shares of Page Industries ended 0.8 percent higher at Rs 46,263.