The new facility, the first Indian plastic compounding unit of a Japanese manufacturer, should reach its full operating capacity of around 5,000 metric tons in the near future, Toray said in a statement.
"The Indian economy is set to expand at around 6 per cent annually from 2019 through 2030. Demand should grow for engineering plastics as rising incomes drive demand for luxury and high-value-added goods, among them automobiles and appliances. Toray set up the new facility to swiftly capitalise on this potential and build its business in India by stabilising supplies and cutting lead times, optimising inventories and delivery, and bolstering local development," the statement added.
Toray also looks to produce polyphenylene sulfide (PPS) and set up a technical centre at the Indian facility to serve a rising local need for high-performance products and materials. "Identifying Indian requirements in product development will equip Toray to cater more responsively to increasingly complex customer requirements amid tightening environmental regulations.
"One basic strategy of Project AP-G 2019, Toray’s medium-term management programme, is to expand and advance its global business. The company accordingly plans to position the Sri City plant of Toray Industries (India) as a base for serving the Indian, Southeast Asian, and other markets around the world," the company said.
Fibre2Fashion News Desk (RKS)