Business

SVP's Rs 450 Cr Spinning Unit starts Operating In Rajasthan

Shri Vallabh Pittie Industries (SVP), a leading textile company with its revolutionising innovations in polyester and cotton blended yarn inaugurated its Rs 450 crore new textile plant last week. The plant is fully automated with 100,000 spindles, with a manufacturing capacity of 22,000 tons per annum and is spread across 25 acres of area.

After inaugurating the plant, Rajasthan Chief Minister Vasundhara Raje said, "We are committed towards forging partnerships that promote manufacturing and create employment opportunities in Rajasthan." The setting up of the textile unit in a record nine months period by Pittie group is an excellent example of development realised by effective governance. "Our mission of 'Make in Rajasthan' is complimenting the PM's vision of 'Make in India," Raje said.

Chirag Pittie, Managing Director, SV Pittie Group said, "We have commissioned our plant within a record time of just under nine months. Projects like ours will help the Rajasthan government generate sustainable employment. As part of the package, we also have derived significant advantages like interest subsidy, VAT benefit and electricity duty rebate. Our capacity will increase to 200,000 spindles and the new plant will produce high quality compact yarn of counts of 20s to 60s."

The plant will consume almost 25,000 MT of cotton annually, and will provide employment to over 500 people directly and will annually provide a stable source of livelihood to more than 30,000 farmers, Pittie said. The plant will manufacture combed compact yarn, which sells at a premium in the market over other yarns and commands higher margins, he added.

The Rs 450 crore project cost of this plant is funded with a 60:40 debt to equity ratio, Pittie said. The group company, Platinum Textiles is engaged in manufacturing of polyester and cotton blended yarn. Its manufacturing facilities are located at Ramnad, Coimbatore, and Palani in Tamil Nadu where they manufacture cotton yarn, compact yarn, citra yarn, PC blended yarn, and open end yarn.

These facilities are located in close proximity to each other and near major textile hubs. The total installed capacity of these three units is 100,000 spindles. These manufacturing units make yarns of count ranges 6s to 70s.