Hyosung to set up manufacturing plant in India

Oct 14, 2015, 08:45 am

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NTPC General Manager A.K. Gupta attended the 'South Asia Power Forum in India 2015' held in New Delhi, India, on October 12. He made a presentation on the current power projects in India and investment opportunities. Officials from NTPC, Power Grid Corporation of India, Doosan, Hyosung, and Hyundai Enginnering made presentations at the forum jointly hosted by the Ministry of Trade, Industry and Energy (MOTIE), Korean Photovoltaic Industry Association (KOPIA), and Korea Trade-Investment Promotion Agency (KOTRA). Nearly 50 power industry officials from Korea and India attended the forum./ Photographed by Ha Man-joo

By Ha Man-joo, India correspondent, AsiaToday - Hyosung T&D India, a subsidiary of Hyosung Corporation, has decided to set up a plant in Khed city near Pune, Maharashtra. The plant will produce high voltage gas insulated switchgears (GIS) and related accessories.

An official from Hyosung T&D India met AsiaToday on Tuesday and said, "Hyosung's plant establishment is to ensure stable supply of GIS and related accessories, which are exported to India for $130 million a year, to participate in a tender on state-run Power Grid (PGCIL) projects, and to fulfill the Modi government's 'Make in India' initiative. Once the plant begins operation, sale extension is expected over PGCIL as well as local electricity boards and private power producers." The official revealed that having a plant in India is necessary in order to participate in the PGCIL bidding.

The official said, "The company is expected to invest $35 million to set up the new plant. Pune has many plants producing related part and its close proximity to ports will facilitate logistics of imported parts. It's appropriate for site of the factory."

Pune-based Kalyani Group said, "Hyosung has leased about 14 acres (57,000㎡) of land to set up its project and plan to go in production by June, 2016. Hyosung will not only produce products using state of art technology, but also contribute to the enhancement of electrical transmission efficiency and reliability."

Kalyani Group established a joint venture, Khed Economic Infrastructure Limited (KEIPL), with Maharashtra Industrial Development Corporation (MIDC) and is leading the plant establishment in Khed City.

Korean companies have been eyeing on India's electricity market as India's power generation is expected to increase 6.2% annually  buoyed by the rapid economy development. Although India has the fourth-largest electricity sector in the world, many areas of the country are still not serviced at all. Power consumption is likely to increase sharply driven by economic development.

Hyosung is also reportedly considering to set up a plant to produce its main product spandex and tire cord in India.

#Hyosung #India #Maharashtra #Pune 
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