SVP Global Ventures, a part of the Shri Vallabh Pittie Group and a diversified yarn manufacturing company, has commissioned fully automated textile plant with one lakh spindles having manufacturing capacity of 22,000 tonnes per annum at Jhalawar in Rajasthan.
Mr Chirag Pittie, Managing Director of SVP Global Ventures said that this is the fastest constructed textile plant in the world having completed the work in just about nine months on 25 acres of land. It is also among the first few plants to be commissioned under Resurgent Rajasthan project.
The first phase of the project will employ 500 people and provide a stable source of livelihood to over 30,000 farmers, said the company in the BSE statement on Wednesday.
The plant will manufacture combed compact yarn which will be exported to many countries, including China and commands a premium in the market. The compact yarn is also low on hairiness, has higher strength and elongation, less fiber fly, and has significant advantages in downstream processing. This will help the project generate higher margins as compared to other spinning mills, it said.
As part of the Rajasthan governmentâ€™s package, SVP has derived significant advantages like interest subsidy, VAT benefit and electricity duty rebate which may ultimately have a positive impact on the companyâ€™s bottomline.
The company is also executing work on a Rs. 330 crore phase-II of Jhalawar plant which is expected to be on stream by the end of the year.
The SVP Group, headquartered in Mumbai, already owns three units at Coimbatore, Palani, Madurai in Tamil Nadu for manufacturing polyester and cotton blended yarn. With a focus on excellent quality and distinction, continuous customer-driven innovation, and ambitious but disciplined growth strategies, SVP Global Ventures strives to become the premier producer of quality yarns on both domestic and international scale.
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