ShriVallabh Pittie Group (SVP), one of the largest cotton yarn manufacturers in India, has announced to invest US $ 300 million in setting up a cotton yarn manufacturing plant in Sohar, Oman.
The manufacturer has already signed a land lease agreement with SOHAR Freezone for this new venture which will create over 1,500 jobs in the region.
“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,” reportedly said Chirag Pittie, Managing Director, SVP Group.
SV Pittie Sohar Textiles, a subsidiary of SVP Global Ventures Ltd., will operate the factory which is expected to be operational by the end of the year 2019. The SVP Group has over 200 years of experience in the textile business.
The yet to be opened unit will be the first ever cotton yarn manufacturing plant in the region. The facility will import 100,000 metric tonnes of cotton fibre (50 per cent from the US and the rest from India and Australia) annually.
The Sohar unit will produce around 75,000 tonnes of finished yarns. The produce will then be exported to Bangladesh, Pakistan, Vietnam, Portugal, and Turkey through Chinese ports.
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