SV Pittie to set up unit in Oman
SV Pittie is setting up a yarn-making facility in Oman. This is the group’s first manufacturing outside India. Oman has low power cost, excellent physical infrastructure and close proximity to the port.
This is probably the first yarn making project in the world coming up in a location where there is no natural supply of cotton. Besides this, the project is being set up where there are no textile making units, which consume yarns. It is expected to generate around 300 million dollars in revenues every year. It is an export oriented project, which effectively means that it would be a net addition to the country’s foreign exchange and economy. This project would have the potential to generate over 2,000 direct jobs.
With the yarn manufacturing facility, lots of ancillary units are likely to come up. SV Pittie is also setting up a training centre. The main idea behind setting up a training centre is to impart skills to local Omani youth. Once yarn manufacturing starts, the company will need skilled manpower.
The company will import cotton from Australia and the US. That is why it was looking at locations close to a port as this would help keep logistics costs low.