U.S.-based footwear company New Balance Athletics, Inc. has begun its first overseas shipments from Tamil Nadu, India. This is a major milestone for the company’s Indian operations and is being seen by the state government as a sign of global confidence in Tamil Nadu’s manufacturing capabilities. The exports are a partnership with the Chennai-based Farida Group and Taiwan-based C Group.
The article notes that New Balance also plans to build a new facility in the Tirupattur-Ambur corridor, which the state’s investment promotion agency, Guidance, says will “mark a new era” for the footwear industry in the region. The company, which is valued at around $4 billion, employs over 7,500 people worldwide.