MAS Holdings to set up apparel park in Andhra
To invest close to $200 million
| The Andhra government will provide 750 acres of land for the proposed project to be developed by the company by bringing in investments of close to $200 million. |
| Mahesh Amalean, chairman of the MAS Group, who signed the MoU on behalf of the company told chief minister Y S Rajasekhara Reddy that the company chose Andhra Pradesh in spite of the best efforts put in by the Gujarat government to convince the group to set up operations there. |
| Brandix Lanka Limited is already in the process of establishing a 1,000-acre textile and garment SEZ at Visakhapatnam, and now with MAS Holdings also setting up shop here, the state is expected to become a big name in textile and apparel exports. |
| According to a company press release, the MAS Holdings' Andhra operations are expected to net $500 million export revenues over the next five-year period. |
| MAS is a $700-million company, operating in five countries, including India, China, Indonesia and Mexico with more than 30 factories and 35,000 employees. The group has financial and strategic partnerships with the world's best brands like Victoria Secrets, Triumph, GAP, Adidas, Nike, Speedo, and Marks & Spencer among others. |
| "The intimate apparel expertise and the supply chain investments will flow into Andhra Pradesh through this understanding. With the group's entry, the state is positioned to become an intimate and sportswear apparel hub in South Asia," the company said. |