Hong Fu has inked a Memorandum of Understanding (MoU) with the government of Tamil Nadu for a new footwear manufacturing unit in the country.
The MoU will see Hong Fu invest INR10bn (US$131.5m) in setting up a new footwear manufacturing unit in Tamil Nadu and provide employment to around 20,000 over the course of the next three to five years.
According to local press reports, the MoU was signed with the state government in the presence of chief minister MK Stalin. It is expected to give a major impetus to footwear production and export in the state.
A report published by The Hindu Business Line, citing a government press release, says Hong Fu has been designing, developing, manufacturing and selling sportswear since 2003 and is one of the leading manufacturers of sports shoe brands such as Nike, Adidas, and Puma.