AP govt. signs MoU for footwear company

Hyderabad, Feb 24 (UNI) The Andhra Pradesh government has signed an MoU with 'Apache Investment Holdings Private Ltd to set up a Rs 500 crore 'Apache footwear company, a subsidiary of Adidas.

According to an official press release Apache is an exclusive supplier of footwear for Adidas which has its presence in various locations in China and USA.

On February 25, Chief Minister Y S Rajasekhara Reddy will lay the foundation stone for the company to be set up in an area of 314.57 acres of industrial land at Mambattu village in Nellore district.

The unit would provide employment for more than 30,000 persons.

The company would expedite construction so as to begin production to international manufacturing standards by the end of 2006.

The Chief Minister, while interacting with the officials concerned reiterated that his government would continue its efforts to attract big investments in the industrial sector, including leather and footwear industry, to pave the way for rapid economic development.

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