5 Mar 2025
Signs MoU with local government to build facility in the central city of Nagpur
Mumbai, India – HS Hyosung Advanced Materials Corp. has signed an MoU with the government of Maharashtra to build a production facility in Butibori, in the central Indian city of Nagpur.
As part of the agreement, the Korean major will build phases I & II of an ‘advanced materials production’ project in Butibori, said the Maharashtra chief minister Devendra Fadnavis in a social media post 27 Feb.
The INR17.4 billion (€190 million) project will create 400 local jobs and will expand Hyosung’s operations in India along its existing plants in Pune and Chhatrapati Sambhajinagar, both in Maharashtra.
The Korean group is a major supplier of tire cord and automotive textiles, which are finding growing demand within the Indian car industry.
Hyosung already manufactures polyamide tire reinforcement, industrial textiles and elastane fibres at two existing Indian plants.
Hyosung Advanced Materials Corp. specialises in the production of tire cord, aramid yarn, airbag and industrial yarns, among other products.
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