Indian firm invests big in Adana
ISTANBUL - Hürriyet Daily News
Economy Minister Zafer Çağlayan (L) seen during a Aditya press meeting in Istanbul.India’s global giant Aditya Birla Group plans to invest $510 million toward a viscose fiber plant on a 1 square km site in Adana, a province in southern Turkey, according to the yearend press conference organized by the Turkish Prime Ministry Investment Support and Promotion Agency.
The investment will be spread out over a five year period, and 20 percent of the production will be exported. The plant is expected to employ 550 people.
The Aditya Birla Group is a major player in the textile, carbon fibers, metal, cement, telecommunication and financial services industries. Carbon fibers are very strong and light fiber-reinforced polymer commonly used in automobiles, sailboats and motorcycles.
Aditya Birla employs 133,000 people in 36 countries and has $35 billion in revenues. In the viscose fiber business, the company is active in India, Thailand, Indonesia and China. Viscose fibers are commonly used in the fashion industry.