ENA Sectors 2024-12-17 17:00:53 <p><span style="font-size:14px"><strong>Chennai, Dec 17 (KNN)</strong> Taiwan-based Hong Fu, a leading global manufacturer of non-leather athletic footwear, has initiated construction of a substantial manufacturing facility in Panapakkam, Ranipet district, marking a significant investment in India's growing manufacturing landscape.</span></p> <p><span style="font-size:14px">The project, valued at Rs 1,500 crore, is set to generate employment for 25,000 individuals, with a commitment to recruiting 85 percent women workers.</span></p> <p><span style="font-size:14px">The state-of-the-art facility will be located in the SIPCOT Industrial Park, strategically positioned near Tata Motors-JLR's car manufacturing unit.</span></p> <p><span style="font-size:14px">As the world's second-largest non-leather athletic footwear manufacturer, Hong Fu produces approximately 200 million pairs of sports shoes annually, generating USD 3 billion in revenue.</span></p> <p><span style="font-size:14px">The company supplies renowned global brands including Nike, Converse, Vans, UGG, Puma, Adidas, Reebok, HOKA, Under Armour, and Swiss sportswear brand ON.</span></p> <p><span style="font-size:14px">Tamil Nadu Chief Minister M K Stalin officiated the foundation stone laying ceremony via video conference, following the state government's memorandum of understanding with Hong Fu nearly a year ago.</span></p> <p><span style="font-size:14px">TY Chang, Chairman, Hong Fu, highlighted India's rapid economic development and growing global influence as key factors in the company's investment decision, emphasising their operational experience across multiple Asian countries.</span></p> <p><span style="font-size:14px">The project has been facilitated by Aqeel Panaruna, the joint venture partner and project stakeholder.</span></p> <p><span style="font-size:14px">R Selvam, Executive Director, Council for Leather Exports, praised the investment as a significant boost to India's footwear manufacturing ecosystem, noting it as a testament to the confidence in the Make in India initiative and the sector's substantial growth potential.</span></p> <p><span style="font-size:14px">With this development, Tamil Nadu is set to further consolidate its position in the footwear sector, already accounting for 45 percent of leather footwear exports.</span></p> <p><span style="font-size:14px">Industry experts suggest the state holds a natural competitive advantage over neighbouring regions like Telangana, West Bengal, and Andhra Pradesh, owing to its well-established leather footwear industry.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 40289 https://knnindia.co.in/news/newsdetails/sectors/global-footwear-manufacturer-hong-fu-launches-major-manufacturing-facility-in-tamil-nadu 2024-12-17 17:00:53 knnindia.co.in