Feng-Tay's unit lines up Rs300cr Chennai spend

Growth-Link, a subsidiary of Taiwanese shoe manufacturer Feng-Tay, has proposed to set up a special economic zone (SEZ) and a manufacturing unit at Cheyyar in Thiruvannamalai district, Tamil Nadu with an investment of Rs 300 crore.

A memorandum of onderstanding(MoU) to this effect was signed today between representatives of the company and the government in the presence of Chief Minister M Karunanidhi.

The SEZ would be set up in an area of 275 acres, and initially provide employment to 5,000 people, which would later be increased to about 15,000 people.

Production will commence by the end of 2007 or beginning of 2008, Peter Nickerson, director of Growth-Link, said.

Nearly two lakh footwear is expected to be produced in a month initally, and this would be increased gradually to 8-10 lakh in the next five years, he added.