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The benefits include lower power and capital costs compared to India, negligible import-export duties and a corporate tax holiday of over 25 years. Oman also has free trade agreements with several nations like the United States and Turkey.
The plant, built by the group’s subsidiary SV Pittie Sohar Textiles, is expected to reach peak utilisation by September 21.
"The strong demand for high margin combed compact cotton yarn coupled with sales off-take agreements will enable us to fully utilise the new capacities and enhance value for our stakeholders," group director Chirag Pittie was quoted as saying by Indian media reports.
With the completion of expansion at Sohar, the total operational capacity of the company has increased to 4 lakh spindles and 5,900 rotors.
Fibre2Fashion News Desk (DS)
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
