Hyosung's spandex plant in India began full-scale commercial operations on Sept. 20. The plant, located in an industrial complex near the Aurangabad City, can produce 18,000 tons of spandex annually, with a site area of about 400,000 square meters.
India is the world's second-largest economy after China with a population of about 1.37 billion, and its GDP is about $2.72 trillion, the seventh-largest economy in the world.
Using the new plant as a cornerstone for India's domestic market, Hyosung plans to increase its current market share from about 60 percent to 70 percent and expand the market to meet future demand and growth prospects.
"We will actively target India, a huge consumer market of 1.3 billion people, to promote shared growth," Hyosung Chairman Cho Hyun-joon said.
Indian Prime Minister Narendra Modi, who won a second term in May this year, is implementing policies to foster manufacturing industries, including attracting foreign direct investment, with the goal of raising the country's GDP contribution rate to 25 percent from the current 16 percent by 2022.
Hyosung, which entered India in 2007, established a production plant for ultra-high pressure breakers in the Pune region in 2016, and is expanding its business by operating a spandex plant this time, generating more than $300 million in annual sales in India.
Meanwhile, Hyosung, which successfully operated India's first spandex plant, is considering the Americas as its next expansion site.