Hyderabad: Korean apparel major to invest 900 crores in Kakatiya Mega Textile Park
The State government and Youngone Corporation, a Korean textile and apparel major, on Wednesday signed the final agreement for investment of more than...
Hyderabad: The State government and Youngone Corporation, a Korean textile and apparel major, on Wednesday signed the final agreement for investment of more than Rs 900 crore in the Kakatiya Mega Textile Park (KMTP) at Warangal.
The agreement was signed in the presence of IT & Industries Minister KT Rama Rao, Indian Ambassador to Korea Sripriya Ranganathan, and Korean Ambassador to India Shin Bongkil.
Youngone Corporation will set up their facility on 290 acres and would involve manufacture of knitted and woven garments for outdoor wear and technical textile products, predominantly for exports. It is estimated that more than 12,000 jobs (direct employment) would be created through this project. Youngone group was currently operating in 13 countries, including Bangladesh, Vietnam and Ethiopia with subsidies in the US and Switzerland, and employs over 90,000 persons worldwide.
Rama Rao said that this anchor investment was expected to catalyse more investments in KMTP as well as more Korean FDI in textile and other sectors in Telangana. During the meeting, the heads of Youngone Corporation stated that Telangana State's industrial policies have encouraged them to invest in Telangana. Consul General of Korea in Hyderabad Suresh Chukkapalli and Principal Secretary Jayesh Ranjan and other senior officials also participated in the meeting.