The Tamil Nadu government has allotted the Taiwan-based Hong Fu Group 130 acres at Panapakkam SIPCOT in the state’s Ranipet district so that it may build a factory that will produce non-leather shoes worth Rs 1,000 crore. 20,000 jobs are anticipated to be generated by the projected plant.
Hong Fu is a footwear company that works with numerous international brands, including Converse, Puma, and Nike. In April of last year, the group and the state government had signed an agreement known as an MoU (Memorandum of Understanding).
According to an official release, 130 acres of land in Ranipet have been designated for the project, and Hong Fu president TY Chang received the assignment order while state industries minister Thangam Thennarasu was present at an occasion at the secretariat. 2,650 of the 20,000 jobs that are anticipated to be created will be indirect positions.
The business will increase footwear exports from the state and Hong Fu would invest Rs 1,000 crore in it over the next three to five years.
According to Guidance Tamil Nadu, the state’s nodal agency for investment promotion and single-window facilitation, “Tamil Nadu is putting its best foot forward in the global footwear industry as Hong Fu, a leading Taiwan-based footwear manufacturer, in collaboration with Florence Shoes, has been granted a land allotment order of 130 acre in Ranipet district.”
One of the biggest shoe manufacturers in the world, Hong Fu Group, is now building new plants in Indonesia and India.
The Footwear and Leather Products (FLP) Policy 2022, which the Tamil Nadu government published in August 2022 to develop the footwear industry, sought to bring in investments of Rs 20,000 crore and generate over 200,000 jobs.
According to the policy, there were two unique packages available: one was for FLP design studios and the other was for FLP production. The state administration had stated that beginning on April 1, 2022, investments will be eligible for incentives.
