IBEF: February 17, 2020
Toray Industries (India), a subsidiary of Toray Industries Inc of Japan, commissioned its Rs 1,000 crore (US$ 143.08 million) plant in Sri City in Andhra Pradesh to produce meditech technical textile materials and auto components.
Mr Mekapati Goutham Reddy, AP Industries Minister, unveiled the plaque marking the inauguration of the plant in the presence of Mr Kojiro Uchiyama, Consul-General of Japan in Chennai.
This is the 20th Japanese company to start operations at Sri City while five more Japanese companies are in their construction phase.
The unit, which was built on an 85-acre site at an initial investment of around Rs 1,000 crore (US$ 143.08 million), has units for manufacture of Polypropylene (PP) Spun Bond and Engineering Plastics Resin Compounds, an Environment Treatment Plant, power utilities, along with related infrastructure.
The PP Spun Bond plant is expected to start the commercial production of meditech technical textile material in March 2020. These products are used in diapers and sanitary napkins, which take advantage of the material’s combination of wicking, softness, high uniformity and light weight.
The products made at the Engineered Plastics Resins plant are expected to be used as raw materials for making automobile electrical components and electrical and electronic connectors. The plants will provide their products to both Indian and supply to exports.
Around 400 people are expected to get employed by these both plants cumulatively and is expected to increase in subsequent phases.
The Minister said because of ease of doing business in the State, several Japanese companies prefer AP, particularly Sri City.
He added, “For expediting speedy process and clearance, soon we will introduce a special desk for Japanese investors.”
Mr Kojiro Uchiyama said that “Toray’s presence will make a significant impact on Indian market with its innovative products.”
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.