HS Hoysung's Rs 1,740 Crore Boost: Maharashtra's Polymer Power-Up

South Korean conglomerate HS Hoysung Advance Materials has signed a Memorandum of Understanding (MoU) with the Maharashtra state government, proposing an investment of Rs 1,740 crore. This investment will fund the establishment of a greenfield polymer fabric plant at the additional Butibori industrial estate.

The polymer fabric, primarily used for tyre reinforcement in the automobile sector, will be manufactured at the new facility along with other related products. Hoysung plans to acquire 70 to 100 acres of land at the Maharashtra Industrial Development Corporation’s (MIDC) additional Butibori estate. A company delegation is expected to visit the site soon, with MIDC ready to finalize the land transfer once the deal is confirmed.

The upcoming Nagpur unit is expected to generate employment for 400 individuals, with operations commencing shortly after land acquisition. Hoysung already operates manufacturing units in Pune and Chhatrapati Shambhaji Nagar. Following the MoU signing, Chief Minister Devendra Fadnavis stated that the investment would not only bring a new facility to Nagpur but could also lead to expansions at the company’s existing units in Pune and Chhatrapati Shambhaji Nagar.

Hoysung has a diversified presence across textiles, chemicals, heavy industries, and information and communication technology. Its product portfolio includes carbon fibre, aramid fibre, automotive seat belt yarn, high-strength industrial yarn, and specialized fabrics.

The company’s Pune facility has been operational since 2015, employing 350 individuals and generating an annual turnover of Rs 845 crore. Meanwhile, its Chhatrapati Shambhaji Nagar unit, established in 2018, employs 500 people and records an annual revenue of Rs 1,650 crore.

This investment marks another significant industrial development in Maharashtra, further strengthening the state’s position as a key hub for advanced manufacturing.

News by Rahul Yelligetti.