Industries Department of Maharashtra Government signed a Memorandum of Understanding (MoU) with South Korea’s H S Hyosung Advanced Materials Corporation for an investment of Rs 1,740 crore at Butibori in Nagpur. The MoU was signed in presence of Devendra Fadnavis, Chief Minister of Maharashtra, by Dr P Anbalagan, Secretary of Industries Department, and Nak Yang Seong, President of H S Hyosung Advanced Materials Corporation.

 

The investment will be made in the advanced materials manufacturing at Butibori in Nagpur, creating employment opportunities for 400 persons, stated an official press release issued by Maharashtra Government. Speaking on this occasion, Fadnavis said, “It is great to see H S Hyosung expanding its operations beyond Pune and Chhatrapati Sambhajinagar to Nagpur.

 

Maharashtra will continue to attract new investment projects in the future.” The MoU signing ceremony took place at Sahyadri Guest House in Mumbai. The dignitaries present on the occasion included Ashwini Bhide, Principal Secretary to the Chief Minister; Dr Shrikar Pardeshi, Secretary to the Chief Minister; P Velarasu, CEO of Maharashtra Industrial Development Corporation; Shrikant Pulkundwar, Joint Secretary of Industries Department; C Ian Lee, Managing Director of H S Hyosung; Captain Shivaji Mahadkar, Senior Advisor; Manojit Saha, Director; and Neeraj Handa, Deputy Manager of the company. Hyosung Group is a South Korean multinational corporation operating in textiles, chemicals, heavy industries, information and communication technology, and logistics. The company is a global leader in manufacturing carbon fiber, aramid fiber, tire cord, automotive seat belt yarn, high-strength industrial yarn, and fabrics. H S Hyosung Corporation India Pvt Ltd has offices in Mumbai, Pune, Chennai, and Haryana. It has been operational in Pune since 2015, employing 350 workers, with an annual turnover of Rs 845 crore. The AURIC-Shendra plant in Chhatrapati Sambhajinagar, operating since 2018, has 500 employees and an annual turnover of Rs 1,650 crore.