Hyosung Group to invest INR 3000 crore in Aurangabad Industrial City (AURIC)
On the side-lines of the state’s first ever global investment summit, Magnetic Maharashtra: Convergence 2018 and in the presence of Hon’ble Chief Minister, Shri Devendra Fadnavis, the Korea-based spandex major, Hyosung Group has signed a MOU with the Government of Maharashtra for allocating 100 acres land to develop the first Ultra Mega project at Delhi Mumbai Industrial Corridor (DMIC) in (AURIC) Aurangabad, Maharashtra.
At the inauguration ceremony of Magnetic Maharashtra, Convergence 2018, the Chairman of Hyosung Group, Cho Hyun-Joon appreciated the investment environment in Maharashtra.
Hyosung Group is acquiring the land to build their factory which will cater to spandex, an industry that contributes around 35% of market share in the world. The construction work of this factory is expected to begin from March 2018, whereas the production work will commence from May 2019. With its commencement, this first and the largest unit at DMIC will provide employment to more than 1000 people.
Sharing views on this development, Hon’ble Chief Minister, Shri Devendra Fadnavis said, “We are delighted to partner with the world’s number one spandex brand. We believe this investment into the state will hold a testimony to the global investor confidence in the state’s leadership.” He further added, “In keeping with our vision of making Maharashtra a trillion-dollar economy, we are taking rapid strides towards creating the infrastructure for a future-ready state. AURIC has the world class infrastructure and the walk to work. Under the aegis of Magnetic Maharashtra Convergence 2018, we are hopeful of many such conversations being initiated.”
Cho Hyun-Joon, Chairman, Hyosung Group said, “India and Korea are geographically distant, but our relation is akin to that of friendly neighbours. India has a profound influence in Korea and our people.” He further added, “Hyosung aspires to be a contributor to the country’s journey. We are committed to India’s grand mission and hope that we will live up to our expectations.”
In addition to the Hyosung Group, Fuji Silvertech, Japan’s leading precast concrete manufacturing company and Guangdong Baihe Medical Technology Co., Ltd. a Chinese medical equipment construction company have also announced investments in AURIC.
With this project, the state government is planning to build a Korean park in next one year.