Global Footwear Manufacturer Hong Fu Launches Major Manufacturing Facility In Tamil Nadu

2024-12-17 02:09:07

(MENAFN- KNN India) Chennai, Dec 17 (KNN) Taiwan-based Hong Fu, a leading global manufacturer of non-leather athletic footwear, has initiated construction of a substantial manufacturing facility in Panapakkam, Ranipet district, marking a significant investment in India's growing manufacturing landscape.

The project, valued at Rs 1,500 crore, is set to generate employment for 25,000 individuals, with a commitment to recruiting 85 percent women workers.

The state-of-the-art facility will be located in the SIPCOT Industrial Park, strategically positioned near Tata Motors-JLR's car manufacturing unit.

As the world's second-largest non-leather athletic footwear manufacturer, Hong Fu produces approximately 200 million pairs of sports shoes annually, generating USD 3 billion in revenue.

The company supplies renowned global brands including Nike, Converse, Vans, UGG, Puma, Adidas, Reebok, HOKA, Under Armour, and Swiss sportswear brand ON.

Tamil Nadu Chief Minister M K Stalin officiated the foundation stone laying ceremony via video conference, following the state government's memorandum of understanding with Hong Fu nearly a year ago.

TY Chang, Chairman, Hong Fu, highlighted India's rapid economic development and growing global influence as key factors in the company's investment decision, emphasising their operational experience across multiple Asian countries.

The project has been facilitated by Aqeel Panaruna, the joint venture partner and project stakeholder.

R Selvam, Executive Director, Council for Leather Exports, praised the investment as a significant boost to India's footwear manufacturing ecosystem, noting it as a testament to the confidence in the 'Make in India' initiative and the sector's substantial growth potential.

With this development, Tamil Nadu is set to further consolidate its position in the footwear sector, already accounting for 45 percent of leather footwear exports.

Industry experts suggest the state holds a natural competitive advantage over neighbouring regions like Telangana, West Bengal, and Andhra Pradesh, owing to its well-established leather footwear industry.

(KNN Bureau)

MENAFN17122024000155011030ID1109003654

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.