Home / Knowledge / News / Textiles / Maharashtra, Hyosung Group sign MoU for spandex unit
Maharashtra, Hyosung Group sign MoU for spandex unit
21
Feb '18
Maharashtra, Hyosung Group sign MoU for spandex unit
Maharashtra chief minister Devendra Fadnavis recently signed a memorandum of understanding with South Korean spandex manufacturer Hyosung Corporation for allocating 100 acres of land to the latter to develop the first mega project on the Delhi-Mumbai Industrial Corridor (DMIC). This will be the first largest unit at the DMIC employing more than 1,000 people.

Hyosung group chairman Cho Hyun-Joon announced an investment of Rs 3,000 crore in the Aurangabad Industrial City (AURIC) at the three-day "Magnetic Maharashtra: Convergence 2018" investor summit event in Mumbai recently, according to media reports from Mumbai.

The group’s factory, whose construction is expected to begin in March this year, will manufacture spandex. Production will commence in May 2019. Hyosung is committed to India’s grand mission, said Cho.

During Maharashtra chief minister Devendra Fadnavis’s meeting with Hyosung president H S Cho during his visit to South Korea in September last year, the company had shown interest in investing in spandex manufacturing for the textile sector in the state.

The market size for spandex yarn in India is projected to be over 1,500 metric tonnes this year and the growth of Indian spandex market has been over 10 per cent between 2014 and 2015. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Stone Island

Apparel/Garments | On 25th Jun 2018

Stone Island has mastered ingredient branding: Braind

Italian high-end men's apparel brand Stone Island tops the list of...

Courtesy: Tecnorama

Textiles | On 25th Jun 2018

'Tecnorama automatic dyeing system offers efficiency'

Italy based Tecnorama’s fully-automatic machinery for dispensing...

Courtesy: Pantone

Textiles | On 25th Jun 2018

Pantone unveils polyester standards

Pantone, provider of professional colour standards for the design...

Interviews View All

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search