Korean firm to set up ₹900-cr unit in Telangana textile park

Youngone Corporation, a Korean textile and apparel company, will invest ₹900 crore at the Kakatiya Mega Textile Park (KMTP) at Warangal. The 290-acre facility is expected to generate 12,000 jobs.

The firm will make knitted and woven garments and technical textile products, predominantly for exports.

The Korean company, with annual revenues of over $1.75 billion, has operations in 13 countries, including in the US, Switzerland, Bangladesh and Vietnam.

The firm signed the final agreement with the State Government on Wednesday for infusing the funds in the textile park. 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 of the agreement.

KT Rama Rao said that the anchor investment by the Youngone Corp will catalyse more investments from Korea.