Yangon Corporation Of South Korea Plan To Do Rs. 3,000 Crore Investment In Telangana
December 14, 2022: Korean textile and apparel company Yangon Telangana’s textile sector Rs. 3,000 crores to invest.
This will create more than 20,000 jobs. Yangon Corporation in December 2019 in Kakatiya Mega Textile Park Rs. An agreement was signed with the Telangana government for an investment of over 900 crores.
In a big push from the Telangana government’s commitment to set up textile units at the Kakatiya Mega Textile Park (KMTP) in Warangal, South Korean textile major Yangon Corporation is all set to invest crores in the state.
The South Korean company will lay the foundation for setting up its factories in January next year. According to Telangana State Industrial Infrastructure Corporation (TSIIC) zonal manager R Santosh Kumar, five factories of the Yangon Corporation will start in the first phase while the other three will start in the second phase.
Yangon Corporation is a manufacturer of synthetic jackets, boots, track suits and other trekking apparel.
Two years ago in December 2019, the state government said the Yangon Corporation would set up its facility on 290 acres, which would mainly include the production of knitted and woven garments for export and technical textile products for outdoor wear.
Now, the company has invested Rs. Looking to invest more than 3,000 crores. “The Yangon Corporation asked for 30 acres more,” Kumar told ‘Telangana Today’.
This will create more than 20,000 jobs. Kaitex Group of Kerala state also invested Rs. 1,000 crore to Rs. 2,400 crore is set to happen.
This increase is expected to create 22,000 direct jobs and 20,000 indirect jobs. TSIIC has allotted a total of 177 acres of land for Kitex Group.
“Meanwhile, 35 persons (weavers) have also submitted applications with TSIIC requesting allotment of plots at KMTP to set up small scale industries.
Many of them had returned to their hometown from Solapur, famous for textile business and textile industries in Maharashtra, as they were impressed by the state government’s action,” said the zonal manager.
Korean textile and apparel major Youngon in December 2019 in Kakatiya Mega Textile Park (KMTP) for Rs. Signed an agreement with the Telangana government to invest over 900 crores.
The agreement was signed in the presence of Telangana Industries Minister K.T. Rama Rao, Indian Ambassador to Korea Sripriya Ranganathan and Korean Ambassador to India Ashin Bongkil.
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