MAS Holdings-Toray Industries form JV to meet rising demand for high-quality textiles

Toray Hong Kong Managing Director Teruo Funahashi (left) seals partnership with a handshake with MAS Holdings Group CEO Suren Fernando while officials of both entities look on

MAS Holdings and Japan’s Toray Industries (H.K.) Ltd are working together through a new joint venture (JV), Toray MAS Apparel India, to strengthen the supply chain capabilities and serve India’s fast-growing textile market.
The partnership, officially announced last week, will establish a manufacturing facility at the MAS Apparel Park in Bhuinpur, Odisha, currently under development. The groundbreaking for the park took place in March 2025 and operations are expected to begin in early 2026.
The facility is aimed at meeting the demand from both the current and potential customers in the region with high-quality and innovative textile solutions.
The two companies formalised the partnership during a signing ceremony in June at MAS Holdings’ Colombo headquarters, represented by Toray Hong Kong Managing Director Teruo Funahashi and MAS Holdings Group CEO Suren Fernando.
Funahashi said the venture would “contribute to local employment and economic growth by manufacturing advanced, top-quality offerings” and described the facility as “a garment stronghold in India for Toray and MAS Holdings”, leveraging the combined expertise of the two companies.
Meanwhile, Fernando called the collaboration “a significant step forward in strengthening our global supply network and deepening our partnership with Toray Industries”, noting that the Odisha facility would support the customer needs, drive innovation and contribute to regional economic development.
The JV combines MAS Holdings’ apparel manufacturing expertise with Toray Industries’ advanced material technologies, positioning Toray MAS to deliver innovative products to global brands while fostering job creation and economic growth in Odisha.
Sustainability is a key focus of the facility, which will feature rooftop solar PV, energy-efficient technologies, advanced water and wastewater management and environmentally responsible waste and chemical management. The facility is also being designed for universal accessibility.
MAS Holdings operates across 13 countries, with a workforce of 100,000 and has expanded into wearable technology, femtech, logistics and fabric parks. Toray Industries is a leading innovator in technology and advanced materials.