SVP Global Ventures Ltd., a Mumbai-based leading compact cotton yarn manufacturer, has changed its name and will now be known as SVP Global Textiles Ltd.
Notably, since the company is mainly into manufacturing of cotton yarn, a need was felt to include textile in the name.
Established in 1898, by Shri Vallabh Pittie, SVP Group is engaged in the manufacturing of polyester, polyester & cotton blend, and 100 per cent cotton yarn across three state-of-the-art manufacturing facilities in Jhalawar (Rajasthan), Ramnad (Coimbatore) and Sohar (Oman).
The company has a 125-year legacy in textiles and has a vision to become world’s leading fully integrated textile company in manufacturing yarn, fabric and garments.
Chirag Pittie Director of the company said, “The change of name of the company will provide it exclusive identity of a leading textile manufacturer as we are also venturing into the complete value chain of textiles.”
He also said that the company’s recent expansion in Oman and foray into technical textiles will lead to substantial increase in revenue by 25 to 30 per cent. The Oman Plant is expected to achieve optimum capacity in H2FY22. The foray into technical textiles is expected to complement core business of the Group and the plant is expected to start commercial operations in 12 to 15 months.
The company is further investing around Rs. 100 crore in setting up a 4,375 MT per annum green-field facility for technical textiles at Jhalawar, Rajasthan and also plans to manufacture protective uniforms and functional garments.
Major General OP Gulia (Retd.), CEO of the Group said, “Company has posted sustainable revenue growth Y-o-Y and Q-o-Q with excellent PAT margin which stands at over 10 per cent. EBITDA margin too has steadily improved to 23 per cent in Q2FY22 from 6.1 per cent in FY2017. The Group is now ready to foray into the complete value chain of textile. The order book of the company currently stands at Rs. 5,000 crore, equivalent to next 2-3 years of revenue.”
