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Austrian Lenzing plans to invest USD 170m in India - report.

(ADPnews) - Feb 22, 2010 - Austrian cellulose fibre producer Lenzing AG (WBAG:LNZ) plans to invest USD 170 million (USD 124.9m) in the construction of a new plant in India, daily Oberoesterreichische Nachrichten reported today quoting manager Dieter Eichinger.

The plant is to have initially an annual capacity of 60,000 tonnes of viscose fibres. This is to be increased to 240,000 tonnes in ten years.

Lenzing is already arranging the purchase of the parcels of land. The factory, to be located some 70 km (43.5 miles) to the south of Mumbai, is to employ 2,000 in five years.

According to Eichinger, the manager responsible for Textile Fibers, the market chances in India are enormous. The company is the world's second-largest textile and fibre producer.

(USD 1 = EUR 0.735)

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Publication:ADP News Austria
Date:Feb 22, 2010
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