With a vision to be a fully integrated and globally competitive textile manufacturer, SVP Global Ventures Ltd. is foraying into technical textiles and is investing around Rs. 100 crore in setting up a 4,375 MT per annum green-field facility for technical textiles at Jhalawar (Rajasthan).
The company plans to commence commercial production in 12 to 15 months, and will manufacture protective uniforms and functional garments, medical textile, mobiltech, hometech, anti-odour and antibacterial knitted fabric for sports, medical and cosmetic uses in apparel and expand gradually in other products.
SVP Global Ventures Ltd. is one of India’s largest compact cotton yarn manufacturer.
In a statement, Chirag Pittie, Director of SVP Global, said “Technical textiles industry is expected to be the next sunshine industry and it is expected to get much needed impetus from production linked incentives announced by the Government recently. Looking at the bright prospects for the industry, the Group decided to enter this field.”
Major General OP Gulia, SM, VSM (retired) CEO of the company, said, “Capex for the proposed green-field facility for technical textile is expected to be around Rs. 100 crore and will be funded from internal accruals. Together with Government support and bright prospects for the industry, we expect the forward integration will make significant contributions to the Group’s topline and margins. We expect revenues of approximately Rs. 175 crore per year from the technical textiles.”
Established in 1898, by Shri Vallabh Pittie, SVP Group is primarily engaged in manufacturing of polyester, polyester and cotton blend, and 100 per cent cotton yarn across three state-of-the-art manufacturing facilities in Jhalawar (Rajasthan), Ramnad (Coimbatore) and Sohar (Oman).
SVP Global is amongst the top 2 per cent Indian manufacturers with technology less than 5 years old and output of 153-154 grams per spindle per shift, which is highest in the industry.
The company is accredited as an approved supplier for leading brands including IKEA and Zara.
It is worth mentioning here that the Government recently announced an incentive scheme for attracting private investments into the labour-intensive textiles sector including 10 technical textile products. Under the production-linked incentive scheme, the Government will offer incentives of around Rs. 7,000 crore to man-made fibres and around Rs. 4,000 crore to technical textiles.