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Budget Quote – SVP Gobal Ventures Ltd.

Published: February 3, 2021
Author: Manali bhanushali
Chirag Pittie, Whole time Director, SVP Global Ventures Ltd on Budget 2021: “Government announcement for setting up Mega Investment Textiles Parks (MITRA) in addition to the PLI scheme will create tremendous opportunities for the yarn manufacturing industry. All investments and schemes proposed for downstream garment and other textile products manufacturing will boost demand for yarn.”

Spokesperson Profile- Mr.Chirag Pittie, Managing Director, SVP Global Ventures

Mr. Chirag Pittie is an Executive Director with SVP Global Ventures Limited. He has a
BSBA degree in Finance and Management from Boston University, USA. Young and
enterprising, he has set the foundation for establishing the group as a leading integrated
textile manufacturer. He is supported by professional and well experienced management team. Under his leadership, the Company has set up and commenced commercial operations at its technologically advanced, state-of-art Compact Cotton Yarn manufacturing plants at Jhalawar, Rajasthan and Sohar, Oman. Under his leadership, the company has established itself as one of the largest compact cotton yarn manufacturer in the world today and is poised to become a leading integrated textile manufacturing company delivering superior and sustainable returns to all its stakeholders.

Company Backgrounder: SVP Global Ventures

Established in 1898 by Shri Vallabh Pittie, SVP Global Ventures started it’s business journey as a trader to now become one of the largest compact cotton yarn manufacturers in India with a combined experience of promoters and management for over 2 decades. The Company is headquartered in Mumbai and is primarily engaged in the business of manufacturing polyester, polyester & cotton blend, and 100% cotton yarn across 3 state-of-the-art manufacturing facilities in Jhalawar, Rajasthan, Ramnad, Coimbatore and Sohar, Oman. The professionally managed company has a vision to become a world leading fully integrated textile company in manufacturing yarn, fabric and end user garments, it currently employees more than 3500 people across its manufacturing facilities.

The company has consolidated and scaled its operations since early 2007 where it moved from engaging third parties for manufacturing requirements to acquiring 3 manufacturing units in Tamil Nadu in a span of 4 years. The continued focus has been to invest in the best technology, identify manufacturing locations that provide logistic and cost efficiencies. The result of which was seen in the revenue from operations seeing a 100 % jump between 2013-2015. Between 2018-2019 it commenced set up and commercial operations of a  manufacturing unit of 3500 rotors and 150,000 spindles in Oman and as on date the company has an aggregate manufacturing capacity of 4,00,000 spindles and 5900 rotors and has 2 international offices based in US, Georgia and Europe, Lithuania and currently exports to China, Bangladesh, Pakistan, Vietnam, Portugal and Turkey.

In FY 20, the company generated an operating income of Rs 14,098 Mn and reported a EBITA of INR 2,328 mn and PAT of Rs. 511 mn.

Compact Cotton Yarn is the highest quality yarn having better smoothness, high lustre, better abrasion fastness, low hairness, higher tenacity and elongation at break and smaller mass irregularity.  The Yarn Industry in India contributes 2% to India’s GDP and draws in close to 15% export earnings. Labour intensive in nature it employs close to 45 mn people and is second largest after agriculture. Globally the market for textile fibers is expected to reach 124.6 mn tons by 2022 and China and India are the largest cotton yarn producers in the world.

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