Toray Industries (India) Private Limited, the Indian subsidiary of Toray Industries Inc., a Japanese major producing key materials, on Wednesday, broke ground for its new production base in Sri City.
The facility will come up on a 85-acre land at an initial investment of around ₹ 1,000 crore. It will have two plants - a poly propylene (PP) spun bond plant that will produce advanced technical textile Meditech used in diaper manufacturing, and an engineered plastics resin compounding plant that will make raw materials for electrical components of automobiles, and in electrical and electronic connectors.
The plastics resin compounding plant is slated to go commercial in September 2019. The Poly Propylene spun bond plant will go on stream in March 2020. Both plants put together will initially generate 130 direct and 520 indirect jobs.
Toray is the 20th Japanese company in Sri City. And, this is the second production unit of Toray in India. Its products will be used by diaper makers such as Unicharm, Proctor & Gamble and Kimberley Clark and the automotive, electrical and fast-moving consumer goods industries.
“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 the sunrise State of Andhra Pradesh. Toray has ambitious plans to make advanced raw materials for Indian industries and manufacturing clusters for the next decade,” said Akihiro Nikkaky, CEO & COO, Toray Industries, Inc, in a release.