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Youngone Corpn draws investment plans worth Rs 900 cr in Telangana

Thursday, 12 Dec 2019
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South Korea-based Youngone Corporation has chalked out investment plans to infuse over Rs 900 crore in Telangana.

The company will be acquiring 290 acre of land at Kakatiya Mega Textile Park (KMTP) at Warangal for the facility that is expected to create over 12,000 direct jobs. KMTP is touted as one of the largest textile parks in India.

The proposed facility will manufacture knitted and woven garments for outdoor wear as well as technical textile products largely aimed at the exports markets. The Korean company has inked a final agreement with the Telangana government.

The Korean company will serve as an anchor investor for the Kakatiya Mega Textile Park, and is the biggest single investment to be finalised in the park, which the Telangana government has been trying to pitch as a fibre-to-fabric global textile manufacturing hub.

Youngone Corporation will be setting up eight units in the park, including four garment units and one knitting unit, technical textile unit and processing unit each, at the mega park.

Youngone Corporation, a global manufacturer of textiles, outdoor apparel, sportswear, knitwear and footwear, has operations in 13 countries, including Bangladesh, Vietnam and Ethiopia. The first Youngone unit will be a garment unit that is expected to become operational over the next eight months.

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