More capital will be injected over the course of the construction, but the company did not disclose the exact amount. India has a big spandex market, and it has been growing at an average of 16 percent annually from 2012 through last year. As Hyosung already has a 60 percent market share in the country’s spandex market, it hopes the new facility will help it expand to take 70 percent of the market. Spandex is a synthetic fiber used mostly in stockings and swimsuits for its elasticity. In India, spandex is mostly used in making hijabs, lingerie, sportswear and diapers. Apart from Hyosung’s textile business, Cho also discussed ways to expand the company’s heavy industries and automated teller machine businesses in India. Modi said the Indian government will offer a favorable business environment for Hyosung so that the company can continue investing in the country.