Youngone Corporation to invest in Textile Park, Telengana
$1.75 billion South Korean textiles and apparel major Youngone Corporation has signed the agreement with Telangana government to set up a unit in Kakatiya Mega Textile Park (KMTP) in Warangal, with an investment of about Rs 900crore in 290 acres. The company is expected to create 12,000 jobs through this venture. A formal agreement has been signed in the presence of Telangana Industries Minister KT Rama Rao, Indian Ambassador to Korea Sripriya Ranganathan, Korean Ambassador to India Shin Bongkil, Youngone Corporation chairman Kihak Sung and Consul General of South Korea Mr. Suresh Chukkapalli on Wednesday in Hyderabad to set up the company’s unit in the Park.
The Korean firm has earlier signed an memorandum of understanding (MoU) with the State government for this unit. The company plans to manufacture knitted and woven garments for outdoor wear and technical textile products, predominantly for exports.
Youngone currently operates in 13 countries, including Bangladesh, Vietnam and Ethiopia with subsidiaries in the US and Switzerland, and employs over 90,000 employees worldwide. The company makes textiles, technical outdoor and athletic apparel, sportswear, knitwear and footwear. Youngone plans to have a research and development (R&D) base along with manufacturing at the site.