South Korean conglomerate HS Hoysung Advance Materials has signed a memorandum of understanding (MoU) with the Maharashtra state government, proposing an investment of Rs 1,740 crore. The investment includes establishing a greenfield polymer fabric plant at the additional Butibori industrial estate.

The fabric is primarily used for tyre reinforcement in the automobile sector, along with other related products. The company plans to acquire 70 to 100 acres of land at the Maharashtra Industrial Development Corporation’s (MIDC) additional Butibori estate. A delegation from Hoysung is expected to visit Butibori, and MIDC is prepared to finalise the formalities for land transfer once the company confirms the deal.

The Nagpur unit is expected to generate employment for 400 individuals, with operations commencing soon after land acquisition. Hoysung already operates units in Pune and Chhatrapati Shambhaji Nagar. Following the MoU, Chief Minister Devendra Fadnavis stated, “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.”

The company has a diversified presence in textiles, chemicals, heavy industries, and information and communication technology. Its product range includes carbon fibre, aramid fibre, automotive seat belt yarn, high-strength industrial yarn, and fabrics, according to a note from the state government. Hoysung’s Pune facility has been operational since 2015, employing 350 individuals and generating an annual turnover of Rs 845 crore. The Chhatrapati Shambhaji Nagar unit, launched in 2018, employs 500 people and records an annual revenue of Rs 1,650 crore. This investment marks another major industrial development in Maharashtra.