German footwear brand Von Wellx has decided to shift its manufacturing base from China to India, according to official reports. The announcement came days after Prime Minister Narendra Modi held meetings to attract foreign firms and help the Indian economy amid the Covid-19 crisis.
Owned by Casa Everz Gmbh, the production is reported to be in collaboration with Iatric Industries Pvt Ltd, a company based in Uttar Pradesh's Agra city.
The collaboration will help create over 10,000 direct and indirect jobs, Ashish Jain, Director and CEO of Iatric Industries, told ANI.
State Minister for Micro, Small and Medium Enterprises (MSMEs) Uday Bahan Singh also welcomed the move. "We are very happy to see that investment from Casa Everz Gmbh, which will be giving employment to so many people, is coming to India from China and especially to Uttar Pradesh," he said.
The brand selling orthopaedic footwear for men and women has stores in over 100 million customers across 80 countries. It was launched in India in 2019 and is available at over 500 retail and online shops.
Prime Minister Narendra Modi held a meeting last month discussing a strategy to attract foreign direct investments from companies seeking an exit from China due to restrictions imposed by Beijing and tensions with world leaders over the country's alleged mishandling of the Covid-19 pandemic.
In a CNN-News18 exclusive interview with Minister of Road and Transport, Nitin Gadkari, he had said that as the world is looking away from China, it is a blessing in disguise for India. "This is the time for India to get into joint ventures with foreign companies," he added.