GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Government, Legal and Humanity

 
  Share
  • Indian market leaders to invest US$300 million on a 27-hectare site
  • Bank Sohar to provide syndicated project financing to SVP in Oman
  • Cotton yarn plant to create 1,500 jobs as basis for a new textile hub
Dubai, UAE, September 24, 2017:  His Excellency Sultan Bin Salim Bin Said Al Habsi, Chairman of SOHAR Port and Freezone, led a high-level delegation from Oman to Jaipur, India yesterday. They met with ShriVallabh Pittie Group (SVP), one of the largest manufacturers of cotton yarn in India and a global leader in the sector. 
 
A land lease agreement was signed to establish a new US$300 million plant in SOHAR Freezone to manufacture a wide range of cotton yarn, to be operated as SV Pittie Sohar Textiles FZC-LLC, a wholly owned subsidiary of Bombay listed SVP Global Ventures Ltd. The facility will eventually provide over 1,500 jobs and is expected to start commercial operations in late 2019. 
 
Abdullah Humaid Al Mamary, Chairman of Bank Sohar, together with Acting-CEO Sasi Kumar and other senior officials from the bank, were also part of the delegation. Bank Sohar has been awarded the syndication mandate to fund the entire project in two phases. An agreement to this effect was entered into with SVP Group. The bank has currently underwritten phase-one debt, to achieve financial closure. On successful completion of phase-one, the bank plans to syndicate a term debt for phase-two, along with a share of phase-one debt, to interested lenders. 
 
Commenting on the agreement, 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% 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.
 
Chirag Pittie, SVP Group's Managing Director said: “With over two-hundred years experience in the textile business, our company has a highly skilled and experienced management team with a strong focus on automation and technology. We source best-in-class machinery from leading global companies to ensure the highest levels of productivity and efficiency.”
 
The new SVP 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. 
 
SOHAR Freezone CEO, Jamal Aziz, summed up when he said: “Today's agreements showcase the great things we can offer to investors in SOHAR Freezone: the safest haven in the Middle East for foreign direct investment combined with high levels of government support; project financing with an Omani bank; 100% foreign ownership; our optimal location and seamless connectivity to key global markets through our adjacent port; highly competitive land and energy rates; and a young, well educated local workforce. Taken together, this is a sure fire recipe for business success.” 



Posted by : GoDubai Editorial Team
Viewed 5874 times
Posted on : Sunday, September 24, 2017  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Dubai Maritime City Authority to highlight new global maritime innovation at 2nd Dubai Maritime Agen...
Next Story : DAFZA enables customers to obtain dual licenses to operate across Dubai
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
100% Vegan New… Body Yogurts 15 Seconds to Glowing Healthy-looking Skin Spoon It on
Therése Neaimé- Sold to perfection
Linda Paradis brings non-invasive ink removal to Dubai
Timeless Ties
Sony's PXW-Z280, World's first 4K 3-chip Camcorder with new 1/2-type Exmor R CMO...
Martin Hoping for Amstel Gold as Irishman Leads Team to Ardennes Classics
COLAB - Dry Shampoo
Tommy Hilfiger's SS2018 men's and women's watch collection
ORANGE & BERGAMOT Awaken the Cult Icon New Additions
Accessories Collection 2018 Gentleman Attitude
Al-futtaim Names Its New Dubai Lifestyle Mall – ‘Festival Plaza'
Skyline Mega Fitness Challenge Sparked Positivity and Happiness
FOREO delivers the ultimate festival survival kit for a glow-on-the-go.
Samsung launches Exciting Smartphone Trade-In Program with Galaxy S9 or S9+
Summertime Beauty Picks at Glambeaute.com
Enhance skin radiance, smoothness and brightness in just 14 days, with the new J...
Get the best bargains at Dragon Mart's End of Season Clearance Market
Dubai Sports Council Pavilion a big hit at Bangkok SportAccord
Dubai-based Al Kasir Group launches three Crypto assets backed by diamonds
Skyline University College Economics Day 2018: One Step towards Tomorrow
Get Vibrant and lively hair with Rahua's new Color Full Range
A Royal Ramadan Experience by Master Chef Mama in Pullman Dubai Creek City Centre
New XE 300 Sport Edition Wins Gripping Ice Race
New Blow Out Bar and Make-Up Studio SWISH by Immaclife Opens in Abu Dhabi in Apr...
Filorga Mesotherapist Derma Roller
The Perfect Gift Mark
Rolling Cones, a new luxury ice cream concept, launches at the Hyatt Regency Dub...
du to Offer New 9.7-inch iPad With Apple Pencil Support
Finnair to offer a hand baggage only ticket type on selected North Atlantic routes
Abu Dhabi Ship Building Company Launches Two 64-Meter Landing Ships for the Kuwa...
Penny Scallan Design Launches in the Middle East
Mumzworld Announce Recruitment Drive To Empower Women in the Middle East
Sheikh Sultan bin Ahmed Al Qasimi Leads Sharjah Contingent to Kuwait Arab Media Forum
MINI at Auto China Beijing 2018
The new BMW M2 Competition
Genesis G70 Luxury Sedan Arrives in Middle East
Exclusive, Limited‐Edition, Swiss‐Made Cryptocurrency Watches
10 Kg gold for 100 winners at Malabar Gold & Diamonds
Olivia Burton Marble Florals - Embrace these styles for a new artistic way to wo...
Toshiba Releases New, Powerful Surveillance and Video Streaming Internal Consume...
Pandora Shine Discover A New Way to Shine
Lingual Orthodontic Treatment now a reality at Al Mariffa Medical Center
Qualcomm Unveils the Vision Intelligence Platform Purpose-built for IoT Devices ...
Understanding what women want Balmain reveals the Madrigal Mini II
Munich Airport reports record net annual profit of €155 million for 2017
Adamavi - Elegant, Timeles S, and Reliable
Stylish Nursing wear at Mums and Bumps
Airport Show Attracts Influential Aviation Leaders for Global Airport Leaders Fo...
Pandora Spring Embrace Nature's Beauty
Gifts for Ramadan at Hour Choice