Hyderabad: The Government of Telangana and Youngone Corporation, a Korean textile and apparel major signed the Final Agreement for investment of more than Rs 900 crores in the Kakatiya Mega Textile Park (KMTP) at Warangal.
The agreement was signed in the presence of IT & Industries Minister KTR, Indian Ambassador to Korea, Sripriya Ranganathan, and Korean Ambassador to India Shin Bongkil.
Youngone Corporation will set up their facility in 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) will be created through this project.
Minister KTR welcomed Youngone Corporation and stated that this anchor investment is expected to catalyze 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, Principal Secretary Jayesh Ranjan, and other senior officials of the Government participated in the meeting.
Youngone Corporation is a Korea headquartered leading manufacturer of Textiles, Technical outdoor/ Athletic apparel, Sportswear, Knitwear, Footwear, etc. with annual revenues in excess of USD 1.75 billion.
Youngone group is currently operating in 13 countries, including Bangladesh, Vietnam and Ethiopia with subsidies in the US and Switzerland, and employs over 90,000 persons worldwide. (INN)