The first major cotton spinning unit in GCC region, it will promote development of a textile cluster in Oman, as also social and economic development. The rotors units is running at more than 95 per cent capacity, while the scaling up of spindles capacity is in place and expected to be fully completed by March 2021. A plant with the capacity of 150,000 spindles and 3,500 rotors was set up at an overall cost of $150 million with debt-equity funding at 70:30.
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Thus started SVP’s state-of-the-art plant, which had the most advanced technologies, used artificial intelligence and was strategically located at the Sohar Free Zone. “SVP began scouting for global opportunities and its eureka moment came in 2018 when the management realised the tremendous scope and future from Sohar Free Zone in Oman – the global textile trade route between Asia and Europe,” adds Chirag, a BSBA degree holder in Finance and Management from Boston University. Gulia, a retired Major General & president of the company. “Though Jhalawar is a backward area, it has its own advantages such as the highest interest subsidy in Central India, proximity to cotton and yarn hubs in Rajasthan, Madhya Pradesh, Maharashtra and Gujarat, apart from the easy availability of skilled manpower,” says O.P. The plant is running at more than 95 per cent capacity. Moving on, SVP set up the state-of-the-art compact cotton yarn manufacturing units of 1,50,000 spindles and 2,400 rotors at Jhalawar in Rajasthan at a cost of Rs766 crore, which was funded by Rs490 crore in term debt and Rs276 crore in equity. “By 2013, with further acquisitions of plants in Coimbatore and Ramnad, we scaled up our yarn capacity to 98,000 spindles, manufacturing cotton and cotton blended traditional yarn,” says Chirag, the fourth generation Pittie.
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With a 100 plus years of experience in trading, SVP Global Ventures, the listed flagship entity of the group, forayed into textile manufacturing in 2007, when it acquired its first plant at Palani in Tamil Nadu. “His farsighted vision and astute leadership helped SVP Global Ventures to become one of the fastest-growing Indian multinational compact yarn manufacturing companies, with businesses across China, Bangladesh, Pakistan, Vietnam, Portugal, Turkey and so on,” says Chirag Pittie, 38, whole-time director, SVP Global. His son Ramdev continued the legacy of trading and investment activities.Įnter the third generation Pittie – Vinod, providing direction and vision for the group’s expansion into yarn manufacturing, with the acquisition of units in Tamil Nadu. He was among the founder members of the Bombay Bullion Exchange.
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Pittie began trading in cotton yarn in 1898 and then ventured into bullion. During this period, a business history of sorts was also in the making at Nagaur, in Rajasthan.Īround that time, young Shri Vallabh Pittie (SVP) set out on foot in search of his future – first to Ajmer, then to Hyderabad and ultimately, to Mumbai (then Bombay), the city of dreams. The Congress was preparing the Constitution document enshrining the freedom of speech, right to property and equality before law. The seeds of Swaraj, inspired by Bal Gangadhar Tilak, were being sown. Executive Editor, Business IndiaĬirca 1895.