The Korean company will invest ₹900 crore at the Kakatiya Mega Textile Park (KMTP) at Warangal. The 290-acre facility is expected to generate 12,000 jobs.
Youngone Corporation, a Korean textile and apparel company, will invest ₹900 crore at the Kakatiya Mega Textile Park (KMTP) at Warangal. The 290-acre facility is expected to generate 12,000 jobs.
The firm will make knitted and woven garments and technical textile products, predominantly for exports. The Korean company Youngone Corporation with annual revenues of over $1.75 billion, has operations in 13 countries, including in the US, Switzerland, Bangladesh and Vietnam.
The firm signed the final agreement with the State Government recently for infusing the funds in the textile park. Indian Ambassador to Korea, Sripriya Ranganathan; Korean Ambassador to India, Shin Bongkil; and Telangana Information Technology and Industries Minister KT Rama Rao were present at the signing of the agreement.
KT Rama Rao said that the anchor investment by the Youngone Corporation will catalyse more investments from Korea. 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.
