In a big push to the Telangana government’s commitment to fasten work on setting up of textile units at the Kakatiya Mega Textile Park (KMTP) in Warangal, South Korean textile major Youngone Corporation is set to invest crores in the state.
The South Korean company will lay the foundation for the establishment of its factories in January next year. Five of Youngone Corporation’s factories will start in the first phase while another three will come up in the second phase, according to Telangana State Industrial Infrastructure Corporation (TSIIC) zonal manager R Santosh Kumar.
Youngone Corporation is the maker of synthetic jackets, boots, track suits and other trekking apparel. Two years ago in December 2019, the state government had said that 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.
Now, the company is looking at infusing over Rs 3,000 crore in the state’s textile sector. “Youngone Corporation asked for another 30 acres of the land,” Kumar told ‘Telangana Today’. This would create more than 20,000 jobs.
The state is also set to see the investment from Kerala’s Kitex Group rise to Rs 2,400 crore, up from Rs 1,000 crore reportedly. The increase is expected to create 22,000 direct jobs and 20,000 jobs indirectly.
The TSIIC has allotted a total of 177 acres for Kitex Group.
“Meanwhile, 35 individuals (weavers) have also submitted applications with TSIIC requesting allotment of plots at KMTP to set up small scale industries. Many of them returned to their home towns from Solapur, which is famous for textile business and textile industries, in Maharashtra, as they were impressed by the measures by the State government,” the zonal manager said.
Korean textile and apparel major Youngone had in December 2019 signed an agreement with the Government of Telangana to invest over Rs 900 crore in the Kakatiya Mega Textile Park (KMTP). 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.
