ShriVallabh Pittie (SVP) Group, a diversified yarn manufacturing company based in India, has signed a land lease agreement for construction of $300 million cotton yarn plant in Sohar Freezone, Oman. The plant in the free zone area is likely to begin commercial operations from around 2019, and will generate over 1,000 employment opportunities.
SV Pittie Sohar Textiles FZC-LLC, a wholly-owned subsidiary of SVP Global Ventures Ltd, will operate the first cotton yarn plant in Sohar Freezone. With the capacity to manufacture more than 70,000 tonne on an annual basis, the finished yarn will be exported to various international markets including Bangladesh, Pakistan, Vietnam, Portugal, Turkey and China. The plant will import 100,000 metric tonnes of cotton fibre for production. Of this, nearly 50 per cent will be imported from the US and the remaining from India and Australia.
”With over two-hundred years experience in the textile business, our company has a highly skilled and experienced management team with a strong focus on automation and technology. We source best-in-class machinery from leading global companies to ensure the highest levels of productivity and efficiency,” said Chirag Pittie, SVP Group’s Managing Director.
A full-fledge textile unit will be set up at the plant including knitting, weaving, spinning and fabric manufacturing. This will increase the scope of employment for the locals.