Home / Knowledge / News / Textiles / Indian firm to set up $550mn spinning mill in Ethiopia
Indian firm to set up $550mn spinning mill in Ethiopia
05
May '14
India-based ShriVallabh Pittie (SVP) Group is setting up a US$ 550 million spinning mill in Kombolcha town, located in the Debub Wollo Zone of Ethiopia’s Amhara Region, Ethiopian News Agency reported.
 
The textile mill, to come up on 50 hectares of land at the industrial zone in Kombolcha, is likely to significantly contribute in achieving the objectives for the textile industry set in the Government’s Growth and Transformation Plan.
 
Kombolcha was chosen for construction of the textile mill due to its proximity to cotton growing regions of Metema and Humera, Vinod Kumar Pittie, chairperson of SVP Group said while launching the project.
 
The spinning mill is expected to be ready and full operational next year. It would have a capacity to produce about 280 tons of cotton yarn per day and would employ nearly 13,000 Ethiopians, Mr. Pittie said.
 
The yarn manufactured at the new mill would be mainly meant for the export market, especially to the US, Germany, Italy, Sweden and Turkey.
 
SVP Group chose to invest in Ethiopia for setting up their textile mill because the country has huge potential for raw cotton; availability of labour, power and water; fast economic growth; and access to international market.
 
The company would take advantage of various incentives that Ethiopia enjoys on its exports. For example, Turkey exempts its up to 18 percent anti-dumping duty for Ethiopian products.
 
Tadesse Haile, Ethiopian State Minister for Industry, said the textile industry is a priority for the Government in the manufacturing sub-sector, and added that the mill would act as an inter-sector link between agriculture and industry.
 
While supporting Ethiopian Government in achieving GTP targets, the project would also bring foreign exchange for the country as there is high global demand for cotton yarn.
 
Founded in 1898, SVP Group has interests across textiles, finance, retail and real estate. The Group promoted Platinum Textiles Ltd. was established in 1993 and manufactures polyester & cotton blended yarn. Last year, the company announced that it is investing $70 million to build a cotton yarn manufacturing facility near Sylvania, a city in Screven County, in the US state of Georgia.
 

Fibre2fashion News Desk - India


Must ReadView All

Coats acquires yarn manufacturer Patrick Yarn Mill

Textiles | On 12th Dec 2017

Coats acquires yarn manufacturer Patrick Yarn Mill

Coats, the world’s leading industrial thread manufacturer, has...

India’s garment imports from Bangladesh up 56% post-GST

Apparel/Garments | On 12th Dec 2017

India’s garment imports from Bangladesh up 56% post-GST

India has imported $87.4 million worth of readymade garments from...

Courtesy: Badger Sportswear

Apparel/Garments | On 12th Dec 2017

Badger Sportswear acquires Alleson Athletic

Badger Sportswear, a leading manufacturer of athletic apparel and...

Interviews View All

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Erik Sy

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

Anupam Arya

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

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Divvya and Nidhhi Gambhir
Walnut

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

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

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

December 2017

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
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

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
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

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
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

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
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


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