Japanese MNC to invest 1,000 crore in manufacturing project in Sri City.
The Hon'ble Chief Minister Nara Chandrababu Naidu approved of a manufacturing project proposed by Toray Industries Inc., a Japanese multinational corporation. The company will invest ₹1,000 crore for the manufacture of technical textiles in Sri City, as a part of “Toray’s India Expansion Plan”.
Their preferred site for the plan is spread across 109.35 acres in Chitoor district, which will be the largest Japanese company footprint in Sri City. Important delegates who took part in the discussion include Mr. YukichiDeguchi (Senior Vice President and the General Manager), Mr. Katsuyuki Yamada (Director), ShigekaruSuenaga, (MD), Ajay Singh Sirohi and Mr. Jasthi. Krishna Kishore (CEO of Andhra Pradesh Economic Development Board). The project will provide direct employment to more than 100 people, and indirect employment to around 300 to 400 people. Toray also informed the officials that the foundation stone for the project will be laid in the next year.
The senior officials expressed their appreciation for the Chief Minister’s transformative leadership and business- friendly initiatives. The Chief Minister assured them full support from the government of Andhra Pradesh in helping facilitate the project in a speedy manner
Toray Industries is known to be the leading manufacturer in fibers and textiles, performance chemicals, carbon fiber materials, life science and environment & engineering. They have expanded across 25 countries with their net sales overseas adding up to 9.5 billion dollars, as of March 2017.