Construction of a major cotton yarn manufacturing project recently commenced at the Sohar Free Zone in Oman. Being set up by India's ShriVallabh Pittie Group (SVP) with an investment of $300 million, its first phase will incur a cost of $150 million. SV Pittie Sohar Textiles (FZC) LLC had signed a land lease agreement with Sohar Port and Free Zone a few months ago.
Bank Sohar is the finance partner for the project, according to a Muscat-based newspaper report.Construction of a major cotton yarn manufacturing project recently commenced at the Sohar Free Zone in Oman. Being set up by India's ShriVallabh Pittie Group with an investment of $300 million, its first phase will incur a cost of $150 million. SV Pittie Sohar Textiles LLC had signed a land lease agreement with Sohar Port and Free Zone a few months ago.#
UAE-based company INEXCO Group has been awarded the engineering, procurement and construction (EPC) contract for the project
The first phase, with a capacity of 150,000 spindles and 3,500 rotors, is likely to be completed by March 2019. However, production is planned to start in a phased manner in 2018.
The automated plant will also include a training centre and is expected to generate 750–1,000 jobs. (DS)
ALCHEMPro News Desk – India
marketing@alchempro.com
