India-based ShriVallabh Pittie Global Ventures Ltdâ€™s subsidiary SV Pittie Sohar Textile FZC LLC, to start work within two weeks on its state-of-the-art cotton yarn project worth US$300 million in SOHAR free zone. The entire yarn project has been divided into two phases â€” each with an investment of $150 million.
ShriVallabh Pittie Group is one of the largest manufacturers of cotton yarn in India and a global leader in the sector. Vinod Pittie, chairman of ShriVallabh Pittie Group, said that they are waiting for some clearances and permits, which are all formalities and will be completed in a weekâ€™s time. They will start the construction work after a week.
SV Pittie Sohar Textile has awarded a US $260 million engineering, procurement and construction (EPC) contract to a UAE-based contracting firm and plans to produce 0.3 million ring spun spindles and 7,000 rotors per annum.
Pittie, who was on a short visit to Oman to speed up the project implementation, said that of the total $260 million EPC contract, $220 million is envisaged for purchasing machinery and equipment.
The first phase is expected to start operation in April 2019, while the second phase is expected to be completed by 2020. Half of the production capacity will be on stream in the first phase.
SV Pittie Sohar Textile and SOHAR Industrial Port Company, which operates the port and free zone, signed a land lease agreement last year to set up the project within the free zone, adjacent to the port.
SV Pittie Sohar Textile plans to import its entire raw material from Australia and the United States, while the finished yarn will be exported to several global markets, including Bangladesh, Pakistan, Turkey and some of the European countries. All import and export activities will be done through SOHAR Port.
The project will be one of the most automated plants in the world and the machinery and equipment will come from most advanced machinery manufacturers in Germany, Switzerland and India. The main suppliers of these equipment include Schlaufers, Rieters and Truscheler.
The new SVP facility will be the first step in establishing a fully-fledged textile cluster in SOHAR Free Zone. It is hoped that downstream investments in knitting, weaving, spinning and fabric manufacturing will create a thriving industrial cluster providing thousands of new jobs for local people.
The factory will be the first major cotton yarn plant in the region and is a key part of SOHARâ€™s efforts to diversify the sectors being served by the free zone, while also creating a stable manufacturing based for future trade.
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