Home / Knowledge / News / Textiles / Hyosung to invest Rs 3,000 cr in Maharashtra spandex unit
Hyosung to invest Rs 3,000 cr in Maharashtra spandex unit
19
Feb '18
Hyosung to invest Rs 3,000 cr in Maharashtra spandex unit
The largest global spandex producer Hyosung Corporation of South Korea is likely to invest Rs 3,000 crore in a manufacturing unit in Aurangabad Industrial City, a greenfield smart industrial city being developed in India’s Maharashtra state, as part of the Delhi-Mumbai Industrial Corridor. Work will begin in April and production may start in 2019 May.

In the first phase, 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, a top state government official told a news agency.

The project’s first phase is expected to generate around 1,000 jobs. Hyosung chairman and CEO Cho Hyun-joon will attend the 'Magnetic Maharashtra' investor summit in Mumbai this week.

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

Sri Lanka reduces VAT on imported fabric to 5%

Textiles | On 24th Sep 2018

Sri Lanka reduces VAT on imported fabric to 5%

Considering the requests made by the stakeholders in the fabric...

E-com firms in India to deduct 1% TCS under GST from Oct 1

Apparel/Garments | On 24th Sep 2018

E-com firms in India to deduct 1% TCS under GST from Oct 1

E-commerce companies in India will have to deduct 1 per cent tax...

Courtesy: Andritz

Textiles | On 24th Sep 2018

'Strength of economy, demographics drive nonwovens demand'

The strength of the economy and demographic trends are the main...

Interviews View All

Nitin Soni, Dolphin Jingwei Machines

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Rahul Bhadani, Looksgud

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Top executives, Textile industry

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Tina Antoniades,

Tina Antoniades

India-headquartered Lulu & Sky is a rapidly escalating brand with the...

Harsh Shah,

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Deepprakash Agrawal,

Deepprakash Agrawal

Radhey Weaves is a Surat-based manufacturer of brocade fabrics. MD...

Iago Castro Asensio, RCfil Distribuciones S.L.

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Paolo Ocleppo, Sandvik Hyperion

Paolo Ocleppo
Sandvik Hyperion

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

Ayyappa Nagubandi, Broadcast Wearables Pvt Ltd

Ayyappa Nagubandi
Broadcast Wearables Pvt Ltd

Hyderabad-based Broadcast Wearables has come up with the country's first...

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

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

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Robert Brunner, Devereux

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

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


September 2018

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

news category


Related Categories:

Advanced Search