Aditya Birla Group, the $ 35 billion multinational corporation, plans to invest $ 500 million over the next five years to set up a Viscose Staple Fibre plant in Turkey's Adana Organised Industrial Zone.

"In the Viscose Staple Fibre (VSF) sector, we are reckoned as a marquee Group with over 21 per cent of the global market share. For us in the Aditya Birla Group, VSF is a core business.

"Our aspiration is to significantly ramp up our global market share and our capacities by the turn of the decade. Establishing a world-class plant in Turkey is a step in this direction," Aditya Birla Group Chairman Kumar Mangalam Birla said in a release today.

The group proposes to invest $ 500 million over the next five years to set up a 180 ktpa fully integrated VSF plant, with a captive power plant, CS2 plant and sulphuric acid plant in two phases.

"Currently, our VSF manufacturing capacity is 750 ktpa. Our ambition is to raise it to 1.1 million tons by 2015. We expect to commission our plant in Turkey by early 2015. This capacity in Turkey will cater primarily to the textile industries here.

Currently, 100 per cent of VSF used in the textile and non-woven sectors is imported. Turkey, I believe is the 4th largest consumer of VSF in the world," company's Global Director of the VSF Business K K Maheshwari said.