Date Of Post: 17 Feb, 2018
Mumbai: Hyosung Corp., the largest global spandex producer, is likely to invest around Rs 3,000 crore in a manufacturing facility in Maharashtra, a top government official said. The official said, the project will be set up in Aurangabad Industrial City (AURIC), a greenfield smart industrial city being developed across 10,000 acres, as part of the Delhi-Mumbai Industrial Corridor (DMIC).
About The Project:
- The official said,”Hyosung Corporation is likely to invest around Rs 3,000 crore in a manufacturing facility in Maharashtra. In the first phase of the project, the company will invest Rs 1,250 crore and the state government will soon take a decision on its request to allot 100 acres land near Aurangabad.”
- The official said,”Work on the project will begin in April this year and the production is expected to start in May next year.”
- He said, the land cost would be around Rs 120 crore and the company has already paid around 5% of the amount.
- The official said, around 1,000 jobs are expected to be generated in the first phase of the project.
- In September Last year, during his visit to South Korea , Maharashtra Chief Minister Devendra Fadnavis had met Hyosung Corporation president H S Cho.
- The official said, Hyosung Chairman & CEO Cho Hyun-joon will be attending the Magnetic Maharashtra investor summit in Mumbai next week.
- Hyosung, a leading chemical & technological textile company, had then evinced an interest in investing in spandex manufacturing for the textile sector.
- Hyosung Corporation feels that India is a key focus market for the company, which is working with several leading Indian players in the textile field.
- The official said, the market size for spandex yarn in India is estimated to be over 1,500 metric tonnes this year and the growth of Indian spandex market has been over 10% between 2014 & 2015.
Image Credit: DMICDC