Hyosung Corp to Invest Rs 3,000 Cr in Aurangabad Spandex Project

Hyosung Corporation of SouthKorea, the largest global spandex producer, is likely to invest around Rs 3,000 crore in a manufacturing facility in Maharashtra, a top government official said. 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 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 allow 100 acres land near Aurangabad,” the official mentio. “Work on the project will begin in April this year and the production is expected to start in May next year,” the official said.

Project Costing

The land cost would be around Rs 120 crore and the company has already paid around five percent of the amount, he said. Around 1,000 jobs are expected to be generated in the first phase of the project, the official said. During his visit to South Korea in September 2017, Maharashtra Chief Minister Devendra Fadnavis had met HyosungCorporation president H S Cho. Hyosung Chairman and CEO Cho Hyun-joon will be attending the ‘Magnetic Maharashtra’ investor summit in Mumbai next week, the official said.