Hong Kong Footwear Co. proposes Rs. 700 crores investment

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A delegation of Hong
       Kong-based Intelligent SEZ Development Limited recently called on Chief Minister Mr. YS Jagan Mohan Reddy at his camp office in Tadepalli and proposed to establish a footwear manufacturing company in Andhra Pradesh.

With a total proposed investment of Rs 700 crore Intelligent SEZ projects to create an employment for over 10,000 people.

The delegation informed the CM that they plan to invest Rs 350 crores in the first phase (within 5 years) from the date of obtaining the SEZ approval.

As per an official release from the CM’s office it stated that Intelligent SEZ is a 100% subsidiary of Intelligent Investment Limited, which is an associate partner of APACHE footwear and claims to be the exclusive supplier of footwear to Adidas.

The delegation who met the Chief Minister comprised of CFO Mr Tim Kau To, Chairman Mr Min Hsiao Tsai, Internal control director APACHE, Mr Hsiao Yun Lee and administration director (APACHE) Mr Muthu Govinda Swamy.

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