An Indian company has announced plans to establish a $300 million plant in Oman tomanufacture a wide range of cotton yarn.The factory, to be operated as SV Pittie Sohar Textiles, a subsidiary of Bombay listed SVP Global Ventures Ltd, will eventually provide over 1,500 jobs and is expected to start commercial operations in late 2019.
The deal comes after Sultan Bin Salim Bin Said Al Habsi, chairman of Sohar Port and Freezone, led a high-level delegation from Oman to Jaipur, India to meet with company officials.Bank Sohar has been awarded the syndication mandate to fund the entire project in two phases, a statement said.
Bank Sohar's acting CEO Sasi Kumar said: “We are honoured to be the finance partner for a project of this magnitude that is expected to have a significant impact on the development of the region. It demonstrates our commitment to collaborate as a one-stop financial services provider catering to the diverse needs of individuals and large corporate customers.”
The plant will import 100,000 metric tons of cotton fibre annually through Sohar Port, with around 50 percent coming from the United States and the remainder split between Australia and India.
The plant will produce around 75,000 tons of finished yarn each year, which will be exported back through the Port to China and other global markets including Bangladesh, Pakistan, Vietnam, Portugal and Turkey.
The new facility will be the first step in establishing a fully-fledged textile cluster in Sohar Freezone. Downstream investments in knitting, weaving, spinning and fabric manufacturing could create a thriving industrial cluster providing thousands of new jobs for local households, the statement added.
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