Korean textile and apparel firm Youngone Corporation will invest Rs. 900 crore at the Kakatiya Mega Textile Park (KMTP) in Warangal. The firm will make knitted and woven garments and technical textile products, predominantly for exports. An agreement was signed to this effect with the state government on December 11 for infusing funds into the textile park.
The 290-acre facility is expected to generate 12,000 jobs, according to media reports from the state.
The company, with annual revenues of over $1.75 billion, has operations in 13 countries, including the United States, Switzerland, Bangladesh and Vietnam.
Indian ambassador to Korea Sripriya Ranganathan, Korean ambassador to India Shin Bongkil and Telangana information technology and industries minister KT Rama Rao were present at the signing ceremony.
Rama Rao said the anchor investment by Youngone Corp will catalyse more investments from Korea.
