The largest global spandex producer Hyosung Corporation of South Korea is likely to invest Rs 3,000 crore in a manufacturing unit in Aurangabad Industrial City, a greenfield smart industrial city being developed in India’s Maharashtra state, as part of the Delhi-Mumbai Industrial Corridor. Work will begin in April and production may start in 2019 May.

In the first phase, 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, a top state government official told a news agency.

The project’s first phase is expected to generate around 1,000 jobs. Hyosung chairman and CEO Cho Hyun-joon will attend the 'Magnetic Maharashtra' investor summit in Mumbai this week.

During Maharashtra chief minister Devendra Fadnavis’s meeting with Hyosung president H S Cho during his visit to South Korea in September last year, the company had shown interest in investing in spandex manufacturing for the textile sector in the state.

The market size for spandex yarn in India is projected 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.(From China Texnet)