Toray Industries (H.K.) Ltd. has entered a joint venture with MAS Holdings to establish a new manufacturing facility in Odisha, India. The entity, named Toray MAS Apparel India, will operate from the MAS Apparel Park at Bhuinpur, which began development in March 2025. Operations are scheduled to start in early 2026.
The agreement was formalised in June 2025 at the MAS Head Office in Colombo, with Teruo Funahashi, Managing Director of Toray Hong Kong, and Suren Fernando, Group Chief Executive Officer of MAS Holdings, representing their respective companies.
“The joint venture will contribute to local employment and economic growth by manufacturing advanced, top-quality offerings. That company will serve as a garment stronghold in India for Toray and MAS Holdings, reinforcing their partnership by deploying strategies that capitalise on their capabilities,” said Funahashi.
“This joint venture marks a significant step forward in strengthening our global supply network and deepening our partnership with Toray Industries. The Odisha facility will play a key role in supporting our customers’ evolving needs, driving innovation and contributing to regional economic development,” said Fernando.
The facility will integrate renewable energy measures, including rooftop solar PV, along with energy-efficient systems. It is also planned to include advanced water and wastewater management systems, waste and chemical management practices, and universal accessibility features.
Toray, founded in 1926, develops fibres and textiles, resins and films, carbon fibre composite materials and other advanced materials. The company operates through approximately 308 subsidiaries and affiliates worldwide and employs nearly 48,000 people.
MAS Holdings employs about 100,000 people globally and operates in 13 countries. The company’s portfolio includes apparel and textile manufacturing, wearable technology, FemTech, logistics and fabric parks.