Home / Knowledge / News / Textiles / Bank Sohar to fund textile project in Sohar Freezone
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


Must ReadView All

ITC, ICS tie up to help Moroccan textile value chain

Textiles | On 21st Apr 2018

ITC, ICS tie up to help Moroccan textile value chain

The International Trade Centre (ITC) has partnered with ICS, which...

Bangladesh garment manufacturers call for fair pricing

Apparel/Garments | On 21st Apr 2018

Bangladesh garment manufacturers call for fair pricing

Bangladesh garment manufacturers want a ‘commensurate adjustment’ by...

Pak ministry proposes extension to PM package for 2018-19

Textiles | On 21st Apr 2018

Pak ministry proposes extension to PM package for 2018-19

Pakistani textile ministry has reportedly proposed extending the...

Interviews View All

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search