Hyosung chairman Cho Hyun-joon unveiled the investment plan during his meeting with India`s Prime Minister Narendra Modi in Mumbai on Sunday. Hyosung’s creora brand has a 60% marketshare in India’s synthetic textile market. Hyosung aims to increase its presence to 70% after the plant goes into operation.
The spandex plant will be located on 40 hectares of land in an industrial complex near Aurangabad in the western state of Maharashtra. The first phase of investment will be $100 million and additional investments will follow, according to the company.
Cho said Hyosung will greatly benefit from India as the country has one of the biggest textile industries in the world. India`s spandex market has been growing at 16% CAGR over the past five years and is expected to grow about 12% per year.
Cho also said Hyosung will actively join competition for business orders from the country’s state-run Power Grid Corporation of India Limited.
Hyosung is also interested in expanding business in the country’s markets for energy storage and eco-friendly power transmission systems.