Foresight Smart Ventures to set up new unit in TN

Chennai: Mauritius-based Foresight Smart Ventures has signed an agreement with Italy-based footwear manufacturer Fly Flot for setting up a greenfield plant in Tamil Nadu. The joint venture partners plan to invest euro 2 million (around Rs 130 crore). In the first phase, the proposed plant will have a production capacity of one million pairs.

Pavers Foresight Smart Ventures, a joint venture between the Foresight group and England’s footwear retailer Pavers, recently announced its plan for setting up a footwear design development studio at Ambur in the state at an outlay of around $5 million.

The company is planning to bring in three more international brands by 2009 to cater to the growing demand.