Nagpur: In a significant boost to Maharashtra’s industrial sector, the State Government has signed a Memorandum of Understanding (MoU) with South Korean conglomerate H S Hyosung Advanced Materials Corporation. The agreement, inked on Thursday at Sahyadri Guest House in Mumbai, paves the way for an investment of Rs 1,740 crore in Butibori, Nagpur, where the company plans to establish a greenfield polymer fabric plant.
The polymer fabric produced at the upcoming facility will primarily be used for tyre reinforcement in the automobile industry, along with other high-performance applications. The investment is expected to generate employment opportunities for around 400 people in the region, according to an official press release by the Maharashtra Government.
Gold Rate
Monday 31March 2025
The MoU was signed in the presence of Maharashtra Chief Minister Devendra Fadnavis by Dr. P Anbalagan, Secretary of the Industries Department, and Nak Yang Seong, President of H S Hyosung Advanced Materials Corporation.
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.
Expressing his enthusiasm over the development, Fadnavis stated, “It is encouraging to see H S Hyosung expanding its footprint in Maharashtra beyond Pune and Chhatrapati Sambhajinagar. This investment in Nagpur reinforces the state’s position as a preferred destination for industrial growth.”
A strategic expansion in Maharashtra
H S Hyosung Group, a South Korean multinational conglomerate, has a strong global presence in textiles, chemicals, heavy industries, information and communication technology, and logistics. The company is a leading manufacturer of carbon fibre, aramid fibre, tire cord, automotive seat belt yarn, high-strength industrial yarn, and specialty fabrics.
In India, H S Hyosung Corporation has been operating in Pune since 2015, employing over 350 workers with an annual turnover of Rs 845 crore. The company also has offices in Mumbai, Chennai, and Haryana.
Land acquisition and future plans
To set up its manufacturing unit in Nagpur, H S Hyosung is expected to acquire between 70 to 100 acres of land in the additional Butibori estate, managed by MIDC. A delegation from the company is scheduled to visit Butibori on Friday to finalize the location. Sources indicate that MIDC has completed the necessary formalities and is ready to transfer the land once the company makes its final decision.
With this investment, Nagpur is poised to become a hub for advanced polymer fabric manufacturing, further strengthening Maharashtra’s reputation as a preferred industrial destination. The move aligns with the state’s broader goal of attracting foreign direct investment (FDI) and boosting local employment through strategic industrial partnerships.
