Hyosung Corporation , the largest global spandex producer of South Korea, which is working with several leading Indian players in the textile field feels that India is a key focus market for the company is likely to invest around Rs 3,000 crore Maharashtra’s spandex project.
The Spandex manufacturing facility to 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), the official said.
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. Work on the project will begin in April this year and the production is expected to start in May next year, the official said.
The land cost would be around Rs 120 crore and the company has already paid around five percent of the amount and around 1,000 jobs are expected to be generated in the first phase of the project.
Maharashtra Chief Minister Devendra Fadnavis during his visit to South Korea in September 2017 had met Hyosung Corporation president H S Cho. Hyosung, a leading chemical and technological textile company, had then evinced an interest in investing in spandex manufacturing for the textile sector, 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 per cent between 2014 and 2015.
Hyosung Chairman and CEO Cho Hyun-joon will be attending the ‘Magnetic Maharashtra’ investor summit to take place next week in Mumbai.
In Marseille, France, the newly opened Cité Scolaire Internationale de Jacques Chirac is making waves in sustainable architecture.
Global stakeholders are being called to combat misinformation about Kenya’s secondhand clothing industry and focus on evidence-based research to shape…
Nissan has introduced the Denim Tribute collection, featuring six car models designed in collaboration with Beams, highlighting the artistry of…
To address the denim production challenge, Kipas partnered with dye manufacturer Archroma and laundry innovator Jeanologia to develop Contra Colors.
Milliken & Company, based in Spartanburg, has partnered with Tidal Vision, a biomolecular technology company specializing in chitosan-based innovations.
Union Minister of Textiles interacted with industry leaders, presenting the potential of alternative and allied fibers to boost India's textile…