HYDERABAD: Korean textile and apparel major, Youngone Corporation will be investing a whopping `900 crore in the Kakatiya Mega Textile Park (KMTP) in Warangal. The Korean company on Wednesday signed the final agreement with the Telangana government in the presence of IT & Industries Minister KT Rama Rao, Indian Ambassador to Korea Sripriya Ranganathan and Korean Ambassador to India Shin Bongkil.
Youngone Corporation will set up its facility on 290 acres and the production will involve manufacturing of knitted and woven garments for outdoor wear and technical textile products, predominantly for export.
Minister KT 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.
The heads of Youngone Corporation stated that Telangana’s industrial policies have encouraged them to invest in the Stete. Consul General of Korea in Hyderabad, Suresh Chukkapalli and Principal Secretary Jayesh Ranjan were present on the occasion.
Youngone Corporation is a Korea headquartered leading manufacturer of textiles, technical outdoor, athletic apparel, sportswear, knitwear, footwear with an annual revenues in excess of $1.75 billion.