Hyosung Corporation , the largest global spandex producer of South Korea, which is working with several leading Indian players in the textile field feels that India is a key focus market for the company is likely to invest around Rs 3,000 crore Maharashtra’s spandex project.

The Spandex manufacturing facility to be set up in Aurangabad Industrial city (AURIC), a greenfield smart industrial city being developed across 10,000 acres, as part of the Delhi-Mumbai Industrial Corridor (DMIC), the official said.

In the first phase of the project, the company will invest Rs 1,250 crore and the state government will soon take a decision on its request to allot 100 acres land near Aurangabad. Work on the project will begin in April this year and the production is expected to start in May next year, the official said.

The land cost would be around Rs 120 crore and the company has already paid around five percent of the amount and around 1,000 jobs are expected to be generated in the first phase of the project.

Maharashtra Chief Minister Devendra Fadnavis during his visit to South Korea in September 2017 had met Hyosung Corporation president H S Cho. Hyosung, a leading chemical and technological textile company, had then evinced an interest in investing in spandex manufacturing for the textile sector, the official said.

The market size for spandex yarn in India is estimated to be over 1,500 metric tonnes this year and the growth of Indian spandex market has been over 10 per cent between 2014 and 2015.

Hyosung Chairman and CEO Cho Hyun-joon will be attending the 'Magnetic Maharashtra' investor summit to take place next week in Mumbai.