SVP Global Ventures commissions mega textile plant in Oman

SVP Global Ventures has commissioned its mega textile plant in Oman. The Group has invested USD 150 million (around Rs. 1,100 crore) in setting up 1.5 lakh spindles and 3,500 rotors facility at Sohar Free Trade Zone in Oman. The plant is expected to reach peak utilisation by Sep 21 and expected to contribute hugely in overall revenue of the company.

Commenting on the development, Chirag Pittie, Director, SVP Group, said, "The expansion of Oman plant consisting of 150,000 spindles and 3,500 rotors has been successfully completed and is expected to fully contribute to the financial performance starting September 2021. The strong demand for high margin combed compact cotton yarn coupled with sales off-take agreements will enable us to fully utilise the new capacities and enhance value for our stakeholders. We have a vision to be a leading integrated textile manufacturer of the World."

With the completion of expansion at Sohar, the total operational capacity of the company has increased to 4 lakh spindles and 5,900 rotors.

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