Invest News DetailHurriyet - India’s Aditya Birla Group, the world’s leading producer of Viscose Staple Fiber (VSF), is to establish a production plant in southern Turkey, investing USD 510 million over a period of five years. The new plant to be located in the Adana Organized Industrial Zone in the province of Adana will have a capacity of 180,000 metric tons per annum, and is expected to be operational by 2014. 550 new jobs will be created with the investment. Announced by Turkey’s Minister of Economy Zafer Caglayan, the Investment Support and Promotion Agency of Turkey (ISPAT) President Ilker Ayci and Aditya Birla Group Board Member K.K. Maheshwari with a joint press conference in held Istanbul, the plant will not only meet Turkey’s domestic VSF need for its textiles industry, but will also make the country an exporter of the strategic material. Turkey has been dependent on imports of VSF for its textiles industry, which has reached nearly 200,000 tons this year at a cost of USD 800 million. “Aditya Birla’s investment will contribute over USD 1 billion to Turkey’s foreign trade by reducing imports,” said Minister Caglayan at the press event. “ISPAT helped Aditya Birla’s investment decision at every stage,” ISPAT President Ayci told reporters during the announcement, adding that the Agency would be ready to assist the company’s future investments in Turkey. “The Aditya Birla project is an example of ISPAT’s focused efforts to bring Turkey high-tech, added-value creating investments. This investment is also significant for its reducing effect on Turkey’s imports,” Ayci added. The Indian company evaluated a group of countries to choose a location for the investment after which Turkey emerged as the winner with its strategic location, a large domestic market and a highly developed textiles sector. The country is the 4th largest consumer of VSF in the world. The USD 35 billion Aditya Birla has operations in 36 countries, employing over 133,000 people.