Taiwan's Pou Chen Group to invest $280mn in India for footwear manufacturing
Taiwanese firm to invest $280mn in India
Taiwan's Pou Chen Group touted as the world's largest manufacturer of casual and athletic footwear for leading brands has signed a Memorandum of Understanding to invest in Tamil Nadu, India. According to the MoU exchangedbetween the Tamil Nadu Government and the Pou Chen group, the latter's group company, High Glory Footwear India Private Limited would invest Rs.2,302cr (approximately $280mn) over a period of 12 years and help generate 20,000jobs here. The proposed investment is likely to result in a factory in the SIPCOT industrial park situated in the Kallakurichi district of Tamil Nadu.
According to reports, Pou Chen is an authorised contract manufacturer that makes casual and athletic footwear for international brands such as Adidas, Nike, Asics, Clarks, Reebok, Puma, New Balance etc. The firm currently has production lines in multiple locations in Asia and Latin America and the proposed facility in Tamil Nadu will be itsfirst in India.
The MoU was exchanged at the Secretariat in Chennai, in the presence of Tamil Nadu Chief Minister MK Stalin, top government officials and representatives of Taiwan's Pou Chen group. This investment is set to provide a significant boost and increase job opportunities in the non-leather footwear manufacturing sector.
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