South Korean conglomerate HS Hoysung Advance Materials has signed a memorandum of understanding (MoU) with the Maharashtra government to invest ₹1,740 crore. The company plans to set up a greenfield polymer fabric plant at the additional Butibori industrial estate.
Focus on Tyre Reinforcement and Automotive Sector
The upcoming plant will manufacture polymer fabric, primarily used for tyre reinforcement in the automobile industry, along with other related products. To facilitate this, HS Hoysung intends to acquire seventy to hundred acres of land at the Maharashtra Industrial Development Corporation’s (MIDC) additional Butibori estate.
Land Acquisition and Project Finalization
A delegation from HS Hoysung will soon visit Butibori to inspect the proposed site. Once the company finalizes the deal, MIDC is ready to complete the land transfer formalities, ensuring a smooth setup process.
HS Hoysung’s Diversified Portfolio
HS Hoysung operates across multiple industries, including textiles, chemicals, heavy industries, and information and communication technology. The company’s extensive product range features carbon fibre, aramid fibre, automotive seat belt yarn, high-strength industrial yarn, and fabrics.
Existing Operations in Maharashtra
The company already has a strong presence in Maharashtra. Its Pune facility, operational since 2015, employs 350 people and generates an annual turnover of ₹845 crore. Meanwhile, the Chhatrapati Shambhaji Nagar unit, established in 2018, employs 500 individuals and records annual revenue of ₹1,650 crore.
Boost to Maharashtra’s Industrial Growth
The new investment underscores Maharashtra’s growing appeal as an industrial hub.
As reported by projectstoday.com, with HS Hoysung’s expansion, the state is set to witness increased employment opportunities and economic growth in the manufacturing sector.
