South Korean industrial conglomerate Hyosung’s spandex plant near Aurangabad Industrial City began commercial operation last week, the firm announced. The plant, covering 400,000 sq m, can annually produce 18,000 tonnes of spandex. Hyosung aims to raise its market share in India to 70 per cent from 60 per cent using the new plant, South Korean media reported.

Maharashtra chief minister DevendraFadnavis in early 2018 signed a memorandum of understanding with Hyosung Corporation for allocating 100 acres of land to the latter to develop the first mega project on the Delhi-Mumbai Industrial Corridor (DMIC).

Hyosung group chairman Cho Hyun-Joon had then announced an investment of Rs.3,000 crore in the Aurangabad Industrial City (AURIC) at the ‘Magnetic Maharashtra: Convergence 2018’ event in Mumbai.

Hyosung started operations in India in 2007 and generates more than+ $300 million in annual sales in the country. The company set up an ultra-high-voltage breaker production plant in Pune in 2016.