SVP Global Ventures Ltd. (India) would spend Rs. 100 crore in technical textiles

 29th September 2021, Mumbai:

SVP Global Ventures Ltd. is foraying into technical textiles, spending about Rs. 100 crore in a 4,375 MT per annum green-field facility for technical textiles at Jhalawar, with the goal of becoming a fully integrated and globally competitive textile producer (Rajasthan). In 12 to 15 months, the company plans to begin commercial production of protective uniforms and functional garments, as well as medical textile, mobiltech, hometech, anti-odor, and antibacterial knitted fabric for sports, medical, and cosmetic uses in apparel, and gradually expand into other products.

“The technical textiles industry is projected to be the next sunshine industry, and it is likely to gain much-needed impetus from production linked incentives announced by the Government recently,” said Chirag Pittie, Director of SVP Global, in a statement.

The Group opted to enter this area because of the industry's excellent prospects.” “Capex for the projected green-field facility for technical textile is estimated to be approximately Rs. 100 crore and would be paid from internal accruals,” said Major General OP Gulia, SM, VSM (Retired) CEO of the business.

We expect the forward integration to provide significant contributions to the Group's topline and profitability, given the Government's assistance and the industry's bright prospects. The technical textiles are expected to bring in around Rs. 175 crore per year.”

SVP Group, founded in 1898 by Shri Vallabh Pittie, specializes in the production of polyester, polyester, and cotton blends, and 100% cotton yarn at three state-of-the-art manufacturing facilities in Jhalawar (Rajasthan), Ramnad (Coimbatore), and Sohar (Rajasthan) (Oman). SVP Global is one of the top 2% of Indian manufacturers, with technology that is less than 5 years old and the industry's maximum production of 153-154 grams per spindle each shift.

IKEA and Zara are among the brands for which the firm has been certified as a supplier.

It's worth noting that the government recently established a program to encourage private investment in the labor-intensive textiles sector, which includes ten technical textile goods.

The government would provide incentives to man-made fibers worth about Rs. 7,000 crore and technological textiles worth around Rs. 4,000 crore under the production-linked incentive program.

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