Hyosung Corp to Invest 3,000 crore in Maharashtra Spandex Project
Mumbai, India: Hyosung Corporation of South Korea, the largest global spandex producer, is likely to invest around 3,000 crore in a manufacturing facility in Maharashtra, a top government official said today .

The project will 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.

"Hyosung Corporation is likely to invest around 3,000 crore in a manufacturing facility in Maharashtra. In the first phase of the project, the company will invest ` 1,250 crore and the state government will soon take a decision on its request to allot 100 acres land near A urangabad," the official told PTI.

"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 120 crore and the company has already paid around five percent of the amount, he said.

Hyosung Chairman and CEO Cho Hyun-joon will be attending the 'Magnetic Maharashtra' investor summit in Mumbai next week, 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 percent between 2014 and 2015, he said.