Construction of a major cotton yarn manufacturing project recently commenced at the Sohar Free Zone in Oman. Being set up by India?s ShriVallabh Pittie Group (SVP) with an investment of $300 million, its first phase will incur a cost of $150 million. SV Pittie Sohar Textiles (FZC) LLC had signed a land lease agreement with Sohar Port and Free Zone a few months ago. Bank Sohar is the finance partner for the project. UAE-based company INEXCO Group has been awarded the engineering, procurement and construction (EPC) contract for the project
The first phase, with a capacity of 150,000 spindles and 3,500 rotors, is likely to be completed by March 2019. However, production is planned to start in a phased manner in 2018. The automated plant will also include a training centre and is expected to generate 750-1,000 jobs.