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.
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 #
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.
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 #
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.
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 #
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.
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 #
The yarn manufactured at the new mill would be mainly meant for the export market, especially to the US, Germany, Italy, Sweden and Turkey.
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 #
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.
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 #
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.
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 #
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.
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 #
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.
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 #
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 $70 million to build a cotton yarn manufacturing facility near Sylvania, a city in Screven County, in the US state of Georgia.
India-based ShriVallabh Pittie (SVP) Group is setting up a US$ 550 million spinning mill in Kombolcha town, located in the Debub Wollo Zone of #
Fibre2fashion News Desk - India