Interview with Chirag Pittie

Face2Face
Chirag Pittie
Chirag Pittie
Managing Director
SVP Group
SVP Group

What is your business strategy? Who are your buyers?

The company has built reputed brands like DG TEX/SVP/SVRP in the yarn market. They enjoy a good standing. SVP has strong expertise in sourcing best quality raw materials leading to higher quality yarns. Our management team is run by several experienced professionals who have a good hold over both the domestic and export textile market. From our new plant, we will be manufacturing combed compact yarn, which sells at a premium in the market and commands higher margins. Our clients are weavers, traders and also the open market where there is healthy demand for the quality and count of yarn we will be manufacturing. We are confident of being able to sell all of what we make and our new project will run at maximum utilisation within a few months of commission.

What is new about your yarn? What are the latest innovations?

We will be manufacturing cotton combed compact yarn at our new plant in Jhalawar, which is a premium yarn. Compact yarn is a value added product with low hairiness, high strength and lustre and better elongation properties with significant advantages in downstream processing.

What is the budget allocated to R&D?

The company has infused approximately ?10 crore in setting up a world class laboratory at our new facility.

Which are your best markets? What is your revenue mix for other plants?

The domestic market in India is strong for the textiles industry and has been growing steadily. The export market has grown in the last few years and India has started to export yarn in quantity. We have a strong foothold in the domestic market, although we also plan to export what we make in Jhalawar.

What outlook do you see for the textile sector?

The textile industry is one of the high priority sectors of the Indian economy. It is the second-largest provider of employment after agriculture, directly employing over 35 million people. It has witnessed phenomenal growth in recent years and has attracted a fair amount of foreign direct investment (FDI). The Indian textile industry has an overwhelming presence in the economic life of the country. It is the second-largest textile industry in the world after China. Timely policy intervention by the government will boost competitiveness of this sector as the growth impetus is vibrant. The government's Make in India campaign will bolster domestic as well as export growth.

What macro environmental factors affected the global yarn industry and its growth last fiscal?

Some of the factors were the slowdown in emerging economies attributed to free falling of commodity prices, rebalancing in China, increase of labour cost in China, plummeting oil prices, and challenging macro-economic factors. With a push to the Make in India dream and rising global consumption including strong domestic demand, the yarn and textile industry has a bright future.
Published on: 29/07/2016

DISCLAIMER: All views and opinions expressed in this column are solely of the interviewee, and they do not reflect in any way the opinion of Fibre2Fashion.com.

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