Seoul – Korean industrial conglomerate Hyosung Corp. has opened a new spandex production plant in Aurangabad, in India’s Maharashtra State.
Spanning an area of 400,000 square metres, the plant produces 18 kilotonnes of spandex, a polyether-polyurea copolymer also known as elastane in Europe.
“Adopting aggressive marketing strategy in the huge consumption market of India with a population of over 1.3 billion, we will promote symbiotic growth with the local industry,” said chairman Cho Hyun-joon at the opening ceremony 28 Nov.
According to Hyosung, India is the seventh largest economic power in the world, with a population of over 1.37 billion.
Building on the new plant as its stepping-stone in India, Hyosung said it aimed to increase its market share from the current 60% to 70%.
The South Korean company entered the Indian market in 2007 and significantly increased its presence in the region with the building of a high voltage breaker plant in Pune, India in 2016.
The operation of the new spandex manufacturing facilities is expected to further increase sales, the company said.
Hyosung also stated that it is considering Americas “as the next site for another spandex plant”, without giving further details.