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

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