"Youngone is a global exporter of apparel. Founded in 1974, Youngone Corporation is a leading global manufacturer of outdoor/athletic clothing, textiles, footwear and gear built with a history of innovation, partnership and trust. They have operations in 13 countries, including the United States, Switzerland, Bangladesh and Vietnam"
Youngone is a global exporter of apparel. Founded in 1974, Youngone Corporation is a leading global manufacturer of outdoor/athletic clothing, textiles, footwear and gear built with a history of innovation, partnership and trust. They have operations in 13 countries, including the United States, Switzerland, Bangladesh and Vietnam.
An agreement was signed with the state government for infusing funds into the textile park. Indian ambassador to Korea, Sripriya Ranganathan, Korean ambassador to India, Shin Bongkil and Telangana information technology and industries minister, K.T. Rama Rao were present at the signing ceremony.
On the occasion of signing the dotted lines Mihir Parekh - Director – Kakatiya Mega Textile Park, TSIIC speaking to DFU Publications stated “that they had been eyeing India for a long time. They invested in Coimbatore in 2004. But that project did not take off. They started scouting for more locations. In 2017 they came in contact with us. Youngone was impressed with the progressive policies of Telangana. They decided on the state. But Korean and Japanese investors take their time. They assess every minute aspect before deciding on an investment.“
Further continuing Parekh mentioned “we projected Telangana as an attractive investment destination. For two years we engaged with them. Their chairman visited Telangana. We visited their manufacturing facilities in Vietnam, Bangladesh. We guided them on all aspects, grounding their investment, the approvals, ensuring the skilled labor is available etc. During the two years they interacted with almost all the government levels—the industries minister, the bureaucrats, the administrators down to the people on the ground. Finally we have a signed agreement with them.”
Parekh further emphasized that “they want to target the pre monsoon window from January to July. Within this time they want the first unit up and running. In all we have allotted them 300 acres. They will set up eight manufacturing units. Of these four will be garment manufacturing units. Then they will backward integrate by setting up a knitting, processing and a technical textile unit. In all they will invest Rs 900 crores, which may be hiked. The eight units will directly employ 11-12,000 people. The indirect employment may be to the tune of 20,000. This is easily the largest FDI in recent years in textiles in India. It will put Warangal on the global garmenting and apparel map.”
Further Parekh mentioned “when Youngone starts exporting out of Warangal, it will attract international companies by its success. This is an example of an international investor doing well in Telangana. It will give confidence to other international companies in the textile sector to come and invest in India.” When asked about a message to the textile industry Parekh said “ I would like to tell the Indian textile industry they are missing something if they are not in Telangana. India has advantages in terms of labor, a growing middle class, a ready market. But with all these advantages, you still have to be in the right location to ensure you are leveraging these advantages.”