Taiwanese footwear manufacturer Hong Fu Industrial Group will invest ₹1,000 crore in setting up a manufacturing unit in Tamil Nadu and provide employment to around 20,000 in the next 3-5 years.

The company on Thursday signed an MoU with the State government in the presence of Chief Minister MK Stalin. The investment will give a major impetus to the footwear production and export in the State.

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Hong Fu has been designing, developing, manufacturing and selling sportswear since 2003. It is one of the leading manufacturers of sports shoe brands such as Nike and Puma, says a government press release.

Panaruna Aqeel, CMD, Florence Shoe Co Ltd, , told BusinessLine that his company helped in bringing the company to Tamil Nadu. “We are promoting this investment. We will set up the plant in one of the Sipcot industrial parks,” he added.