SVP International Ventures to foray into technical textiles with an funding of Rs 100 crore, Retail Information, ET Retail

SVP Global Ventures to foray into technical textiles with an investment of Rs 100 croreNew Delhi: Cotton yarn producer, SVP International Ventures plans to foray into the technical textiles sector with an funding of Rs 100 crore, the corporate stated in a press launch.

The textile main is establishing a 4,375 MT every year green-field facility for technical textiles at Jhalawar, Rajasthan, it added.

“Capex for the proposed green-field facility for technical textile is anticipated to be round Rs 100 crore and can be funded from Inner accruals. Along with Authorities help and shiny prospects for the business, we count on the ahead integration will make important contribution to the group’s topline and margins. We count on revenues of roughly Rs 175 crores per yr from the technical textiles,” stated OP Gulia, CEO, SVP International.

On the technical textiles facility in Rajasthan, the corporate plans to fabricate protecting uniforms, practical clothes, medical textile, mobiltech, hometech, anti-odour and antibacterial knitted material for sports activities, medical and beauty makes use of in attire, the corporate stated.

“Trying on the shiny prospects for the business, the group determined to enter this subject. The brand new facility is adjoining to our present facility in Jhalawar (Rajasthan). The enlargement will complement our core enterprise and the plant is anticipated to begin industrial operations in 12 to fifteen months,” stated Chirag Pittie, Director, SVP International.

SVP Group has additionally commenced industrial operations at its textile plant in Oman. The textile model invested USD 150 million on this enlargement. For Q1 of FY22, the corporate reported a progress of over 300% Y-o-Y with web gross sales of Rs 412 crore.

Not too long ago, the central authorities introduced a ₹10,683 crore production-linked incentive (PLI) scheme for the textile sector.

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