CHENNAI: Tamil Nadu chief minister M K Stalin on Monday laid the foundation stone for the Taiwanese Hong Fu Industrial Group’s non-leather footwear manufacturing facility at Panapakkam in Ranipet district.
Spread over an area of 200 acres, the unit at the Sipcot industrial park will be established with an investment of Rs 1,500 crore. The facility will generate employment for 25,000 individuals with 85% of the workforce comprising women.
The CM laid the foundation stone virtually from Chennai.
“This is the latest among the string of such investments in Tamil Nadu, attracted by our proactive outreach towards Taiwanese companies and pioneering footwear policy. In our mission to become the footwear capital of India, we are proud that we have been able to bring in a cumulative investment of Rs 6,550 crore in this sector, creating 86,150 job opportunities in the districts of Perambalur, Villupuram, Kallakurichi, Ariyalur and Ranipet. Another significant outcome is that most of these jobs will be for our young women!" the chief minister posted on X.
State industries minister TRB Rajaa said, it is yet another milestone for Tamil Nadu’s non leather footwear sector. "And yet another TNGIM2024 MoU turns into JobsForTN! This project also reinforces Tamil Nadu’s position as a global footwear hub," he posted on X.
Hong Fu signed two MoUs with the state govt for the project in April 2022 for an initial investment of Rs 1,000 crore followed by an additional investment of Rs 500 crore in Jan 2024. This brought the total investment for the Panapakkam project to Rs 1,500 crore.
World’s second-largest manufacturer of non-leather athletic footwear, Hong Fu produces approximately 200 million pairs of sports shoes annually, generating $3 billion in revenue. It is a partner for global brands such as Nike, Converse, Vans, UGG, Puma, Adidas, Reebok, HOKA, Under Armour, Puma and ON (a Swiss sportswear brand).
The company’s entry into Tamil Nadu marks a major milestone for the state’s industrial landscape, Grand Atlantia Panapakkam SEZ Developers, a group company of Hong Fu Industrial Group, Taiwan said.
"With operations across Hong Kong, Taiwan, Vietnam, Indonesia, Myanmar and other countries, India’s rapid economic development and growing global influence made it a natural choice for Hong Fu’s latest investment,” TY Chang, chairman, Hong Fu said.
Aqeel Panaruna, joint venture partner and stakeholder in the project, said, "The establishment of this facility is not just about manufacturing world-class footwear, it’s about creating job opportunities, empowering communities and contributing to the state’s vision of inclusive development."
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