South Korean footwear company, Hwaseung Footwear Group, is set to make its India foray with a non-leather footwear manufacturing unit in Tamil Nadu, which is to come up with an investment of ₹1,720 crore.
The Minister for Industries in the state, TRB Rajaa, said the factory will be one of the largest employment-generating footwear projects in Tamil Nadu, with a scope of creating almost 20,000 direct jobs.
"Hwaseung has committed an investment of ₹1,720 crore to establish a large-scale non-leather footwear manufacturing facility, their first production base in India," he said in a social media post late on Friday.
Besides the Hwaseung factory in Tuticorin, the minister promised “many more Memoranda of Understanding (MoUs) which will soon be converted to jobs in the state”.
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"Our efforts to ensure the grounding of MoUs we signed at TN Rising Tuticorin are in full swing. Chief Minister M K Stalin today met senior executives of South Korea's Hwaseung Footwear Group at the Secretariat," Rajaa said.
The Tamil Nadu government had conducted its first region-specific, maiden edition of TN Rising Investors Conclave in Tuticorin on August 4, where the government signed 41 MoUs with an outlay of ₹32,553.85 crore, which are expected to generate 49,845 jobs in the state.
Last month, Rajaa had said that nearly 77 per cent of the MoUs that were signed with various multinationals since 2021 have been successfully realised into tangible projects, bringing in investments to the tune of ₹10.32 lakh crore.
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