Andhra Pradesh Industries Minister N Amaranatha Reddy today laid the foundation stone for a manufacturing unit of Toray Industries (India) Limited at Sri City SEZ near Satyavedu, about 95 km from here.
Speaking on the occasion, Reddy said the Japanese firm, a leading manufacturer in fibres and textiles, performance chemicals and carbon fibre material would invest about Rs 1,000 crore for the plant in 110 acres at Sri City Special Economic Zone, located on the Andhra Pradesh-Tamil Nadu border.
The plant would be ready for production by 2020, Reddy added.
Toray Industries Inc CEO, Akihiro Nikkaku and Andhra Pradesh Industries and Commerce Secretary, Solomon Arokia Raj were among those present.