South Korean Company HS Hoysung Signs MoU for Rs1,740 Crore Plant in Butibori

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South Korea HS Hoysung Butibori plant investment and economic impact.

South Korea | HS Hoysung Butibori Investment: A major industrial development is on the horizon for Nagpur as South Korean conglomerate HS Hoysung Advance Materials has signed a Memorandum of Understanding (MoU) with the Maharashtra state government. The deal, worth Rs1,740 crore, will see the establishment of a greenfield polymer fabric plant at Butibori’s industrial estate, significantly boosting the region’s industrial landscape.

What is HS Hoysung (South Korea) Advance Materials?

HS Hoysung is a multinational conglomerate with operations spanning textiles, chemicals, heavy industries, and information technology. It is widely recognized for producing carbon fiber, aramid fiber, industrial yarn, and automotive seat belt yarn, making it a significant player in the automobile and industrial sectors.

Details of the Investment

Investment Amount: Rs1,740 crore
Location: Additional Butibori Industrial Estate, Maharashtra
Land Area: 70 to 100 acres
Purpose: Production of polymer fabric for tyre reinforcement and other industrial applications
Employment Opportunities: 400 direct jobs expected
Expansion Potential: Further investments in Pune and Chhatrapati Shambhaji Nagar facilities

Significance of Butibori Industrial Estate

Butibori Industrial Estate is one of Maharashtra’s largest MIDC-developed industrial zones, offering excellent infrastructure and connectivity. The availability of skilled labor, robust transportation networks, and business-friendly policies make it an attractive investment destination.

Economic Impact on Nagpur

The establishment of this plant will have several positive effects:

Job Creation – Direct employment for 400 individuals.
Boost to Local Economy – Increased demand for local services and industries.
Technology Transfer – Exposure to advanced South Korean manufacturing technologies.
Infrastructure Development – Growth of industrial and transportation infrastructure.

Government Support and Strategic Vision

Maharashtra’s Chief Minister Devendra Fadnavis has expressed strong support for this investment, highlighting its role in industrial expansion and economic growth. The government is keen to facilitate quick land allocation and necessary approvals to accelerate the project’s commencement.

HS Hoysung’s Existing Presence in India

HS Hoysung has already established successful operations in India, including:

Pune Unit: Operational since 2015, employing 350 workers and generating Rs845 crore in revenue.
Chhatrapati Shambhaji Nagar Unit: Started in 2018, employing 500 workers with an annual revenue of Rs1,650 crore.

Industrial Growth in Maharashtra

Maharashtra has been actively attracting investments. Recent MoUs signed at the World Economic Forum in Davos (South Korea) include agreements with:

JSW Group – Investments in lithium battery projects.
Waaree Energy – Solar panel manufacturing.
Vardaan Lithium – Development of lithium-ion technology.

Future Outlook

HS Hoysung’s new investment aligns with India’s Make in India and Atmanirbhar Bharat initiatives. With Maharashtra’s growing reputation as a hub for automobile and polymer industries, this project is expected to fuel further industrial development.

The Rs1,740 crore investment by HS Hoysung Advance Materials in Butibori marks a significant milestone in Maharashtra’s industrial expansion. This move will generate employment, strengthen the regional economy, and position Nagpur as a key player in the polymer and automobile sectors.