The Maharashtra Government has inked an MoU with South Korea’s H S Hyosung Advanced Materials Corporation to invest Rs 1,740 crore in Butibori, Nagpur. 

The signing took place in Mumbai in the presence of Maharashtra Chief Minister Devendra Fadnavis.

Dr P Anbalagan, Secretary of the Industries Department, and Nak Yang Seong, President of H S Hyosung, signed the deal. The investment will help set up an advanced materials manufacturing unit and create 400 jobs, according to an official statement from the Maharashtra Government.

Chief Minister Fadnavis welcomed the investment, saying, “It is great to see H S Hyosung expanding to Nagpur. Maharashtra will continue to attract new industries in the future.”

Many important officials attended the signing ceremony, including Ashwini Bhide, Principal Secretary to the Chief Minister; Dr Shrikar Pardeshi, Secretary to the Chief Minister; P Velarasu, CEO of Maharashtra Industrial Development Corporation; and C Ian Lee, Managing Director of H S Hyosung.

Hyosung Group is a South Korean company that works in textiles, chemicals, heavy industries, IT, and logistics. It is known worldwide for making carbon fibre, aramid fibre, tyre cords, and industrial yarns.