TN CM lays foundation stone for Rs 1,500 cr Taiwanese footwear production unit in Panapakkam

Chennai: Tamil Nadu Chief Minister M K Stalin on Monday laid the foundation stone for a Taiwanese footwear manufacturing plant at the SIPCOT Industrial Estate at Panapakkam in Ranipet district.

The Rs 1,500 crore project of Hong Fu, said to be the world’s second-largest manufacturer of non-leather footwear, that the chief minister virtually laid the foundation from the Secretariat here, will ensure employment to 25,000 people, the government said.

The chief minister had visited several countries, including the United Arab Emirates, Japan, Singapore, Spain, and the United States, and signed MoUs with industrial companies for investment in Tamil Nadu as part of his ambitious plan to make the state one trillion US dollar economy by 2030.

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Hong Fu Group is a multinational conglomerate with more than twenty subsidiaries, a release here said.

The group is engaged in the design, development, production, and sale of sports shoes, making it the second-largest footwear manufacturer in the world.

The group also provides footwear development, design and manufacturing services to international brands like Nike, Converse, Vans, Puma, UGG, Under Armour, the release added.

Hong Fu has been allotted 200 acres of land at Panapakkam. Based on the Memorandum of Understanding (MoU) signed with the Tamil Nadu government, the company is currently planning to set up a footwear manufacturing plant.

Deputy Chief Minister Udhayanidhi Stalin, Ministers: R Gandhi, and T R B Rajaa, Chief Secretary N Muruganandam, and representatives from Hong Fu, including Chairman T Y Chang, CEO Jacky Chang, J V Partner and Director Aqeel Panaruna, were among those who participated.