Taiwan-based, Feng Tay Group, which has promoted Cheyyar Special Economic Zone (SEZ), is planning to invest more Rs 2-2.5 billion in the zone.
Feng Tay Group is a producer and supplier, for sports shoes manufacturer, 'Nike'. 'Lotus Footwear Enterprises', a manufacturing unit to produce sports shoes for Nike has been established in this SEZ.
Around Rs 1.9 billion has been invested by the group so far in the zone, to establish a facility with a capacity of manufacturing 550,000 pairs of shoes per month.
The group plans to establish three more facilities of the same capacity in the zone, to meet with the growing demand for footwear. The company intends to invest other Rs 2-2.5 billion of additional Rs 3 billion, which was promised by the group while signing a memorandum of understanding (MoU) in the year 2006.
The zone, which is spread over 275 acres at Cheyyar Taluk in Tiruvannamalai district, 87 km away from Chennai, employs 5,713 people at present and would hire three-fold employees after establishing new units.
The $770 million Feng Tay Group, which operates 14 factories in South-East Asia, produces over 50 million pairs of footwear, mainly sports shoes.
Fibre2Fashion News Desk - India
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