South Korean textile major to invest Rs 3,000 cr in Telangana
The Youngone Corporation produces synthetic jackets, boots, track suits and other apparel used in trekking.
Warangal: With the State government’s commitment to speed up work on establishment of textile units at the Kakatiya Mega Textile Park (KMTP) to generate employment to locals, major companies too have expedited the process for establishment of their factories at the park.
As part of this, South Korean textile major Youngone Corporation will lay the foundation for setting up its factories in January 2023, according to Telangana State Industrial Infrastructure Corporation (TSIIC) zonal manager R Santosh Kumar. While the beginnings for five of Youngone Corporation’s factories would be made in January, 2023, another three units will come up in the second phase.
The Youngone Corporation produces synthetic jackets, boots, track suits and other apparel used in trekking. As 267 acres of land was allotted for Youngone, the company is planning to invest Rs.3,000 crore.
“Youngone Corporation asked for another 30 acres of the land,” Suresh Kumar told ‘Telangana Today’, adding that more than 20,000 jobs would be created by Youngone.
On the other hand, Kerala’s Kitex Group has reportedly decided to increase its investment from Rs.1,000 crore to Rs.2,400 crore. It is estimated that 22,000 direct jobs and another 20,000 jobs would be created indirectly by the Kitex Group. The TSIIC has allotted a total of 177 acres for Kitex Group.
“Meanwhile, 35 individuals (weavers) have also submitted applications with TSIIC requesting allotment of plots at KMTP to set up small scale industries. Many of them returned to their home towns from Solapur, which is famous for textile business and textile industries, in Maharashtra, as they were impressed by the measures by the State government,” the ZM said, adding that 500 to 700 yard plots would be allotted to these applicants soon after scrutiny.
The TSIIC is also going to acquire 27 acres of land in addition to a total of 1340 acres already acquired for KMTP.
“The enjoyment survey was done and a notification for land acquisition has already been issued,” Suresh Kumar said.
IT and Industries Minister KT Rama Rao had inaugurated the First Phase of Ganesha Ecosphere’s project in Kakatiya Mega Textile Park in May this year. This polyethylene terephthalate (PET) bottle recycling company has invested around Rs.350 crore to manufacture recycled polyester fibre and yarn, among other products. The two plants will come up in an area of 50 acres, and will conform to United States Food and Drug Administration (USFDA) and European Food Safety Authority (EFSA) norms to recycle PET bottle waste into premium quality products. Once fully operational, the plants will provide over 1,000 jobs directly and consume around 60,000 tonne of waste PET bottles a year thereby contributing to the State government’s vision of sustainable development of Telangana.
“While the manufacturing in the first unit of the Ganesha Ecosphere was started in May this year, the production in another unit has recently begun,” officials said.
According to officials, work on internal roads and power lines were completed. Efforts were on to ensure drinking water supply through the Mission Bhagiratha scheme to supply 12 MLD water at an estimated cost of Rs.100 crore. A dedicated pipeline is being laid from the Chalivagu project to address industrial needs.
“Work on setting up a dedicated 220KV sub-station with Rs.178 crore are going on. The TSIIC is also laying pipelines to supply one MLD water,” Suresh Kumar said.
