South Korean industrial conglomerate Hyosung’s spandex plant in India went into commercial operation Friday, the firm said Monday.
The plant, near Aurangabad Industrial City on a site that covers about 400,000 square meters, is capable of producing 18,000 tons of spandex per year.
Hyosung’s spandex plant in India (Hyosung)
Hyosung, which entered India in 2007, generates more than $300 million in annual sales there. The company established an ultra-high-voltage breaker production plant in Pune in 2016.
CEO Cho Hyun-joon said, “We will actively target India, a huge consumer market of 1.3 billion population, to promote mutual growth.”
India is the world’s second-most-populous country, right after China, with about 1.3 billion people. Its gross domestic product is about $2.7 trillion, making it the seventh-largest economy in the world.
Hyosung will use the new plant as a cornerstone for the domestic market in India, hoping to raise its market share to 70 percent from the current 60 percent.
By Shin Ji-hye (firstname.lastname@example.org