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Japanese MNC Toray To Invest Rs 1,000 Cr in Manufacturing Facility in Sri City SEZ

Chennai:

Port Wings News Network:

Toray Industries (India) Private Limited, the Indian subsidiary of Toray Industries, Inc., a Japanese major producing key materials, hosted a ground breaking ceremony for its new production base in Sri City. Mr. N. Amarnatha Reddy, Minister of Industries, AP Government unveiled the plaque marking the start of project construction in the presence of Mr. Uchiyama, Consul General of Japan in Chennai, Mr. Akihiro Nikkaky, CEO & COO, Toray Industries, Inc. Mr. Shigekazu Suenaga, Managing Director Toray (India), Mr. Talari Aditya, MLA, Satyavedu, Mr. Solomon Arokia Raj, IAS, Secretary, Industries & Commerce Department, AP, Mr. J. Krishnakishore, IRS, CEO, APEDB, and Mr. Ravindra Sannareddy, Founder MD, Sri City.

Addressing the gathering Mr. N. Amarnatha Reddy thanked the Toray Management for preferring Andhra Pradesh to set up the unit and assured all support from government. Because of ease of business in the state and industry friendly policy of government, he said that several Japanese companies are preferring AP, particularly Sri City, and second home.

Speaking on the occasion Mr. Akihiro Nikkaky said, “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.”

Mr. Shigekazu Suenaga, Mr. Uchiyama, Mr. Talari Aditya, Mr. Solomon Arokia Raj and  Mr. J. Krishnakishore also spoke.

Mr. Ravindra Sannareddy congratulated the AP Chief Minister, Industries Minister and the team of officials for the state being ranked  ‘first’ in ease of doing business, consecutively for second year. Welcoming the entry of Toray Industries, he said, “With more than 100 units operational and the addition of yet another prominent global brand ‘Toray’, which is the global leader in producing technical material & fabrics, Sri City truly stands as a perfect example for creating a symbiotic ecosystem for manufacturing industries in multi sectors.”

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 like Unicharm, Proctor & Gamble and Kimberley Clark and the automotive, electrical and fast moving consumer goods industries.

The unit, which will be built on a plot of 85 acre at an initial investment of around Rs. 1000 crores, will have two plants, viz poly propylene (PP) spun bond plant 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. Both plants put together will initially generate 130 direct and 520 indirect jobs, and these numbers will go up during subsequent phase.

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