South Korean conglomerate Hyosung Group said on Monday that it has started commercial operations of its first spandex plant in India last week with hopes to expand its presence in the world’s second most populous country.
The plant, located inside Aurangabad Industrial City (AURIC) in Aurangabad, Maharashtra, western region of India, is capable of producing up to 18,000 tons of spandex a year. The plant is off 280 kilometers east from Mumbai, the capital city of the state of Maharashtra and India’s commercial capital.
With the launch of commercial operations, Hyosung expects to raise its spandex market share in India from current 60 percent to 70 percent.
Hyosung Group Chairman Cho Hyun-joon said that the conglomerate will “aggressively target India, which is a huge marketplace with 1.3 billion population, to promote mutual growth.”
The commercial operations of Hyosung’s spandex plant come after Cho met with Indian Prime Minister Narendra Modi in February, last year, in Mumbai, and agreed to build the facility in AURIC, Aurangabad.
The company last month announced plans to invest 1 trillion won over the next 9 years in carbon fiber, which is the largest-ever investment for Hyosung Group. The plan would increase Hyosung’s annual production capacity from 2,000 tons to 24,000 tons by 2028 and allow it to become world’s biggest producer of carbon fiber.