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Bank Sohar to fund textile project in Sohar Freezone
04
Oct '17
Bank Sohar to fund textile project in Sohar Freezone
In an agreement with SV Pittie Sohar Textiles FZC-LLC, Bank Sohar will finance the construction of $300 million cotton yarn plant in Sohar Freezone. The set up of the textile project that is planned in two phases will be syndicated by Bank Sohar. The first cotton yarn plant in the free zone area is likely to kick-start its operations from around 2019.

SV Pittie Sohar Textiles FZC-LLC is a wholly owned subsidiary of Bombay Stock Exchange listed SVP Global Ventures Ltd. A full-fledge textile unit will be set up at the plant including knitting, weaving, spinning and fabric manufacturing. This will increase the scope of employment for the locals.

"We are honoured to be the financing partner for a project of this magnitude which is expected to have a huge developmental impact on the country. It signifies another extraordinary accomplishment by the bank, which demonstrates our commitment to collaborate on new projects that support the Sultanate’s economy and contribute to its growth and diversification," said the acting CEO of Bank Sohar, Sasi Kumar in a press release.

"Over the years, Bank Sohar has strongly established itself as a dependable project lender and we have financed various projects nationwide to fast track the development and progress of the nation and ultimately accelerating the GDP growth," added Kumar.

With the capacity to manufacture more than 70,000 tonnes on an annual basis, the finished yarn will be exported to various international markets including Bangladesh, Pakistan, Vietnam, Portugal, Turkey and China. The plant will import 100,000 metric tonnes of cotton fibre for production. Of this, nearly 50 per cent will be imported from the United States and the remaining from India and Australia.

The textile project agreement was signed last month. (RR)

Fibre2Fashion News Desk – India


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