Hyosung, a leading elastane manufacturer has announced the company’s plans to build its first spandex plant in Maharashtra State in India. The initial investment of $100 mn has been made as part of the project to increase Hyosung’s creora brand share of India’s spandex market to 70 per cent. The factory is expected to be completed by 2019. The Indian market for spandex grew at a compound annual growth rate (CAGR) of over 16 per cent from 2012 to 2017, and growth is expected to reach 12 per cent in 2020. Maharashtra, where Hyosung will build its plant, is a key region for textiles production in India. According to the manufacturer, the plant in Maharashtra will create jobs and boost the regional economy, as well as spur the development of businesses in the State such as weaving, knitting and sewing.