SVP Global Ventures Ltd. (SVP) plans to establish a new $300 million plant in the SOHAR Freezone to manufacture a wide range of cotton yarn, to be operated as SV Pittie Sohar Textiles FZC-LLC, a wholly-owned subsidiary of the company. The facility will eventually provide over 1,500 jobs and is expected to start commercial operations in late 2019.
Mr. Chirag Pittie, SVP Group Managing Director, said: “With over two-hundred years experience in the textile business, our company has a highly skilled and experienced management team with its 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.”
SVP is a diversified yarn manufacturing company, incorporated in 1982. As the holding company, SVP Global Ventures adopts a top-down approach to achieve excellence via a collaborative and sustainable effort throughout its organizational structure. It is in business of manufacturing yarn and trading in all kinds of textile products.
The new SVP facility will be the first step in establishing a fully-fledged textile cluster in the SOHAR Freezone. Downstream investments in knitting, weaving, spinning and fabric manufacturing could create a thriving industrial cluster providing thousands of new jobs.
The Oman plant will import 100,000 metric tons of cotton fibre annually through SOHAR port, with around 50% coming from the US and the remainder from Australia and India. The plant will produce around 75,000 tons of finished yarn each year, which will be exported back through the port to China and other global markets, including Bangladesh, Pakistan, Vietnam, Portugal and Turkey.
During FY17, SVP Global Ventures’ consolidated sales turnover reached Rs. 1,922.14 crores. The company has successfully commissioned a state-of-the-art manufacturing facility of 150,000 spindles of compact cotton yarn and 2,400 rotors in Rajasthan. This plant is regarded one of the fastest commissioned compact yarn plants in Asia. With full capacity utilization of all the three new units, coupled with the existing facilities, SVP Global Ventures is poised to reach newer heights.
The Rajasthan units are the most highly automated and technologically advanced. Altogether, the company owns three manufacturing units in Tamil Nadu and four units in Rajasthan, with a total capacity of 250,000 spindles and 2,400 rotors.