Growth-Link to set up 'Footwear Special Economic Zone' in TN

Chennai, Sep 19 (UNI)The Hong Kong-based Growth-Link Overseas Company Limited, a subsidiary of leading footwear manufacturers M/s Feng-Tay, will set up a 'Footwear Special Economic Zone' and a manufacturing facility in Tamil Nadu at an investment of Rs 300 crore.

A Memorandum of Understanding (MoU) in this regard was signed by Growth-Link Director Peter D Nickerson and State Industries Secretary Sakthikantha Das in the presence of Chief Minister M Karunanidhi at the Secretariat here.

The Special Economic Zone (SEZ) will come up on an area of 275 acres at SIPCOT complex at Cheyyar in North Arcot district. The SEZ would accord priority for exports, an official release here said.

Later, Mr Nickerson told reporters that the production would commence in the end of 2007 or in the beginning of 2008.

The venture, which had an option of getting an additional acre of 225, would provide direct employment to nearly 5,000 people in the first phase. This would be increased to 15,000 in the next three to five years, he added.

Mr Nickerson said the production capacity would be initially around 200,000 pairs per year, which would be gradually increased to 800,000 pairs. After five years, the production would be one million pairs per year, he added.

The facility would be the 'Original Equipment Manufacturers' (OEM) for various popular brands, he said.

Taiwan-based Feng-Tay, a leading manufacturer of sports shoes, skating rollers and ordinary footwear, functions as an OEM for popular brands.

With four manufacturing facilities in China and Vietnam, it has a production capacity of 50 million pairs per year and employs 60,214 people at various places.

UNI AKN AJ 1522