South Korea’s Hyosung Corporation, the world’s largest spandex manufacturer, is looking at investing around Rs 3,000 crore in a manufacturing facility in Maharashtra. The project will be set up in Aurangabad Industrial City (AURIC), a greenfield smart industrial city that is being developed within 10,000 acres, as part of the Delhi-Mumbai Industrial Corridor (DMIC). The official further disclosed, "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. Work on the project will begin in April this year and the production is expected to start in May next year."
The cost of the land would be around Rs 120 crore and the company has paid about five per cent of the cost. Nearly 1,000 jobs are expected to be generated in the first phase of the project. During his visit to South Korea in September 2017, Maharashtra chief minister Devendra Fadnavis had met Hyosung Corporation president H S Cho. Hyosung Chairman and CEO Cho Hyun-joon will be attending the 'Magnetic Maharashtra' investor summit in Mumbai next week. Hyosung, a leading chemical and technological textile company, had shown keen interest in the deal as the company is of the view that India is a key focus market for the company, which is working with several leading Indian players in the textile segment. The market size for spandex yarn in India is forecast 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.