Hyderabad, Dec 11 (IANS) Korean textile and apparel major Youngone Corporation will invest more than Rs 900 crore in the Kakatiya Mega Textile Park (KMTP) coming up in Telangana’s Warangal district.
The company on Wednesday signed an agreement with the Government of Telangana in this regard.
The agreement was signed in the presence of Telangana’s Industries Minister, K.T. Rama Rao, Indian Ambassador to Korea, Sripriya Ranganathan, and Korean Ambassador to India, Ashin Bongkil.
Youngone Corporation will set up their facility on 290 acres to involve manufacture of knitted and woven garments for outdoor wear and technical textile products, predominantly for exports, said an official release.
It is estimated that more than 12,000 direct jobs will be created through this project.
Rama Rao 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 has encouraged them to invest in Telangana.
Consul General of Korea in Hyderabad, Suresh Chukkapalli, Principal Secretary, Industries, 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 $1.75 billion.
Youngone group is currently operating in 13 countries, including Bangladesh, Vietnam and Ethiopia with subsidiaries in the US and Switzerland, and employs over 90,000 persons worldwide.