Telangana government and Korean textile and apparel major Youngone Corporation signed an agreement for an investment of over ₹900 crore in the Kakatiya Mega Textile Park (KMTP) in Warangal.
Youngone Corporation will be setting up its facility on 290 acres to manufacture 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, an official release on Wednesday said.
The Final Agreement for investment was signed in the presence of IT and Industries Minister K.T. Rama Rao, Indian Ambassador to South Korea Sripriya Ranganathan and Korean Ambassador to India Shin Bongkil.
Welcoming Youngone Corporation to the State, the Minister said that this anchor investment was expected to catalyse more investments in Kakatiya Mega Textile Park as well pave the way for more Korean foreign direct investment in textile and other sectors in Telangana.
Youngone Corporation is a manufacturer of textiles, technical outdoor/ athletic apparel, sportswear, knitwear and footwear with annual revenues in excess of $1.75 billion. It is operating in 13 countries, including Bangladesh, Vietnam and Ethiopia, with subsidiaries in the U.S. and Switzerland. The entity employed over 90,000 persons globally.
The leadership of Youngone Corporation, during the meeting with the Minister, said the State's industrial policies had encouraged the corporation to invest in Telangana.
Consul General of Korea in Hyderabad Suresh Chukkapalli, Principal Secretary Industries Jayesh Ranjan and senior officials of the government participated in the meeting.
