The Maharashtra state government has signed an MoU with HS Hoysung Advance Materials for Rs 1,740 crore investment. The investment will go into setting up a greenfield polymer fabric plant at the new Butibori industrial estate.
Hoysung will take land consisting of 70-100 acres in the Butibori estate, which is managed by the Maharashtra Industrial Development Corporation (MIDC). Once the deal gets formalized, MIDC will extend help to transfer the land to Hoysung. The team of Hoysung is expected to visit the site soon.
The new Nagpur unit is estimated to create 400 jobs, with occupation to commence soon after land acquisition. The firm already operates in Chhatrapati Shambhaji Nagar and Pune. Its lines of business include heavy industries, chemicals, and textiles. Its products cover an impressive range, including textiles, high-strength industrial yarn, car seat belt yarn, carbon fiber, information technology and aramid fiber.
“As this would bring a new unit of the company to Nagpur, the company is also expected to carry out expansion at its existing facilities in Pune and Chhatrapati Shambhaji Nagar”, said Devendra Fadnavis, Chief Minister of Maharashtra.
According to government records, Hoysung has operated a plant in Pune since 2015, with a headcount of about 350 and revenue of Rs 845 crore per year.