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Hyosung Group to invest Rs 3,000 cr in Aurangabad

Chief Minister Devendra Fadnavis and Korea-based spandex major Hyosung Group on Monday signed an MoU for allocating 100 acres of land to develop the first ultra mega project on the Delhi-Mumbai Industrial Corridor (DMIC). This will be the first largest unit at the DMIC employing more than 1,000 people. At the Magnetic Maharashtra event, Hyosung Group chairman Cho Hyun-Joon announced an investment of Rs 3,000 crore in the Aurangabad Industrial City (AURIC). The Hyosung Group will acquire land to build their factory to manufacture spandex. The construction work on the factory is expected to begin in March 2018. Production will commence in May 2019.

Chief Minister Devendra Fadnavis said, “We are delighted to partner with the world’s number one spandex brand. We believe this investment in Maharashtra is testimony to the global investor confidence in the state’s leadership.” He 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 world-class infrastructure.”

Cho Hyun-Joon 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 added, “Hyosung aspires to be a contributor to the country’s journey. We are committed to India’s grand mission and hope we will live up to the expectation.”

AURIC is India’s first smart well-planned greenfield industrial city. It will be developed across an area of 10,000 acres in Maharashtra on the outskirts of Aurangabad as part of the central government’s Delhi Mumbai Industrial Corridor (DMIC). The project is being developed by the Aurangabad Industrial Township Limited (AITL), a Special Purpose Vehicle (SPV) between Mumbai Industrial Development Corridor (MIDC) and Delhi-Mumbai Industrial Corridor Development Corporation (DMICDC).

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