Youngone Corporation, leading textile company of South Korea,will start its operations within six months at Kakatiya Mega Textile Park (KMTP) in Warangal (Telangana).This facility is expected to create jobs for around 12,000 people.
The company had signed an agreement with the State Government to invest more than Rs. 900 crore in the KMTP in Warangal.
The State Government believes that the Youngone Corporation’s decision to operate from Warangal should be seen as a milestone in the Indian textile industry.
Notably, more Korean companies are looking forward to investing in the KMTP after Youngone Corporation.
K.T.Rama Rao, IT Minister and Errabelli Dayakar Rao, Panchayat Raj Minister of Telangana yesterday had a discussion in this regard with Ki-Hak Sung, Chairman and CEO, Youngone.
Ki-Hak Sung reiterated company’s plan of making five of their factories functional in next six months and taking up another three later in Phase-II.
He also said that ‘Made in Telangana’ textiles would be rolled out from Warangal’s KMTP across the world. The company would run its operations from Warangal, making it their base for operations in India.
The initial plan was to start these factories in early 2021;however it got delayed due to COVID-19.
Dayakar Rao also urged to focus on skill development programmes for youth of Warangal, which would make them industry-ready and secure jobs at the factories.