A day after the Central government ranked Andhra Pradesh first for ease of doing business, Japanese material major Toray Industries held a ground breaking ceremony for its new facility at Sri City near here.
In a statement Sri City, an integrated business township in Andhra Pradesh, around 60 km from here, said the Japanese company will make an initial investment of about Rs 1,000 crore.
Toray has got 85 acre plot in Sri City and would initially house two plants - one for poly propylene (PP) spun bond that will produce advanced Technical Textile Meditech used in diaper manufacturing, and the Engineered Plastics Resin Compounding plant that will make raw materials for electrical components of automobiles and in electrical and electronic connectors.
While the plastics resin compounding plant is targeted for start of commercial production in September 2019, the Poly Propylene spun bond plant will be commissioned in March 2020, the statement said.
Toray is a leading manufacturer of fibers and textiles, performance chemicals, carbon fiber materials, life science and environment engineering, has its presence in 26 countries, across the world. Its consolidated revenues for fiscal 2016 totalled $18.1 billion.
"Today is a historic day for Toray Industries (India). We acquired a large plot to build world class infrastructure to house several facilities on single location in the Integrated Industrial Township of Sri City in he sunrise state of Andhra Pradesh. Toray has ambitious plans to make advanced raw materials for Indian industries and manufacturing clusters for the next decade," Akihiro Nikkaky, CEO & COO, Toray was quoted as saying in the statement.