Google News
spot_img

TN inks pact for Rs 2,300 crore investment with footwear firm

Must Read

The MoU was signed with High Glory Footwear, a subsidiary of Taiwan-based Pou Chen Corporation, “the world’s largest branded footwear manufacturer,” in the presence of Chief Minister M K Stalin

Chennai: The Tamil Nadu government on Monday signed a memorandum of understanding with a well-known footwear maker for an investment of Rs 2,302 crore in the state.

The MoU was signed with High Glory Footwear, a subsidiary of Taiwan-based Pou Chen Corporation, “the world’s largest branded footwear manufacturer,” in the presence of Chief Minister M K Stalin, a tweet by Guidance Tamil Nadu, said.

It is the state government’s nodal agency for investment promotion and single window facilitation,

“Over the next 12 years, this partnership will generate employment opportunities for more than 20,000 people in the non-leather footwear sector, especially for the youth and women in and around the Kallakurichi district,” it added.

An official release said the manufacturing unit will come up at SIPCOT, Ulundurpet in Kallakurichi.

The investment has been attracted in the wake of the government releasing a Footwear and Leather Products Policy 2022 in August last, it said.

It was also in lines with the government’s policy of ensuring industrial growth in the state’s backward districts and would greatly help the newly created Kallakurichi district in employment generation, the release added.

Industries Minister Thangam Thennarasu and officials from the state government and the company were present.

Latest News

Honasa Consumer posts Q4 profit at Rs 30.47 cr, sales up 21.5% at Rs 471 cr

Its revenue from operations grew 21.46% to Rs 471.09 crore in the fourth quarter of this fiscal. It was...