Japanese MNC Toray to invest Rs. 1,000 cr in manufacturing facility in Sri City.

Andhra Pradesh Chief Minister N Chandrababu Naidu recently approved a proposal of Toray Industries, a Japanese multinational corporation for setting up a manufacturing unit.

The company plans to invest Rs. 1,000 crore on a unit to make technical textiles in Sri City, as a part of Toray’s India Expansion Plan.

Toray plans to set up the unit on a 109.35 acre site in Sri City located in Chittoor district.

The proposal was approved at a meeting with delegates which included Yukichi Deguchi, Senior Vice President and the General Manager, Katsuyuki Yamada, Director, Shigekaru Suenaga, MD and Jaasthi Krishna Kishore, CEO of AP Economic Development Board, according to a statement from the Chief Minister's Office. The project will provide direct employment to more than 100 people, and indirect employment to around 300 to 400 people.

Toray also informed the foundation stone for the project will be laid next year.

Toray Industries is a leading manufacturer of fibers and textiles, performance chemicals, carbon fiber materials, life science and environment engineering.

With a presence across 25 countries, the company has global sales of $ 9.5 billion dollars as of March 2017.

HBL