South Korea’s ‘HS Hyosung Company’ to Invest ₹1,740 Crore in Nagpur; MoU Signed in Presence of CM Devendra Fadnavis

Mumbai : The Maharashtra government’s Industry Department has signed a Memorandum of Understanding (MoU) with South Korea’s HS Hyosung Advanced Materials Corporation for an investment of ₹1,740 crore in the state. The agreement was signed in the presence of Chief Minister Devendra Fadnavis by Dr. P. Anbalagan, Secretary, Industry Department, and Seong, President of HS Hyosung Advanced Materials Corporation.

The company has made this investment in Butibori, Nagpur, in the advanced materials manufacturing sector, creating 400 local job opportunities, as announced during the event.

Expanding Operations in Maharashtra

Speaking on the occasion, CM Devendra Fadnavis expressed his happiness over Hyosung’s expansion into Nagpur, alongside Pune and Chhatrapati Sambhajinagar. He assured that Maharashtra will continue attracting major investment projects in the future.

The MoU signing event took place at Sahyadri State Guest House and was attended by Ashwini Bhide, Principal Secretary to the CM; Dr. Srikar Pardeshi, Secretary to the CM; P. Velarasu, CEO of MIDC; Srikant Pulkundwar, Joint Secretary, Industry Department; C. Ian Lee, Managing Director of Hyosung; Senior Advisor Capt. Shivaji Mahadkar; Director Manojit Sah; and Deputy Manager Neeraj Handa.

About Hyosung Company

Hyosung Group, a South Korean multinational, operates across various sectors, including textiles, chemicals, heavy industries, IT & communication technology, and logistics. The company is a leader in manufacturing carbon fiber, aramid fiber, tire cord, automotive seatbelt yarn, high-strength industrial yarn, and fabrics.

Hyosung Corporation India Pvt. Ltd. has offices in Haryana, Mumbai, Pune, and Chennai.

• Pune Project: Operational since 2015 with 350 employees and an annual turnover of ₹845 crore.
• Chhatrapati Sambhajinagar (Auric-Shendra) Project: Running since 2018 with 500 employees and an annual turnover of ₹1,650 crore.

This latest investment in Nagpur marks a significant expansion of Hyosung’s footprint in Maharashtra.