SVP Global Textiles Ltd gets Technical Textiles Expansion Approved under Govt's PLI Scheme

SVP Global Textiles Ltd has shared an update of the business about its ventures into Technical Textiles segment. The Company is one of largest manufacturer of compact cotton yarn and has been reporting consistent growth and financial performance. The Company has reported EBITA of Rs 94.66 Crs ( 23.27% margins) and PAT of Rs 40.23 Crs (10.14% margins) in last Quarter.

The Company had declared its intension to invest approximately Rs. 100 crore to set up a green-field facility for technical textiles. The company has announced that the proposal has been approved by the Ministry of Textiles under its Production Linked Incentive (PLI) Scheme notified on 14 Apr 22.

The facility is planned to be set up at our existing plant location at Jhalawar, Rajasthan where all basic infrastructure is available. The plant is planned to be set up in 12 to 15 months and expected to generate an annual turnover of approximately Rs 200 crs. The Company plans to manufacture protective uniforms and functional garments, medical textile, mobiltech, hometech, anti-odour and antibacterial knitted fabric for sports, medical and cosmetic uses in apparel sector.

Commenting on the company performance, Maj Gen (Dr) OP Gulia, SM, VSM (retd) CEO said, "We are very thankful to the Govt of India for taking this initiative to provide requisite flip to the Textile Industry specially the Technical Textiles which is the next level in textiles sector. SVP Global is better equipped to undertake the Technical Textiles manufacturing due to its manufacturing and technology edge enabled by Artificial Intelligence and IOT capabilities."

Shares of SVP GLOBAL TEXTILES LTD. was last trading in BSE at Rs. 55.00 as compared to the previous close of Rs. 54.60. The total number of shares traded during the day was 52934 in over 878 trades.

The stock hit an intraday high of Rs. 56.75 and intraday low of 54.45. The net turnover during the day was Rs. 2942883.00.

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SVPGLOBALTEXTILES INE308E01029 TechnicalTextiles Expansion PLIScheme Approval