SVP Global Ventures, a part of the Shri Vallabh Pittie Group and a diversified yarn manufacturing company, has commissioned fully automated textile plant with one lakh spindles having manufacturing capacity of 22,000 tonnes per annum at Jhalawar in Rajasthan.

Company’s managing director Chirag Pittie said that this is the fastest constructed textile plant in the world having completed the work in just about nine months on 25 acres of land. It is also among the first few plants to be commissioned under Resurgent Rajasthan project.

The first phase of the project will employ 500 people and provide a stable source of livelihood to over 30,000 farmers, the company in the BSE statement said yesterday.

The plant will manufacture combed compact yarn which will be exported to many countries, including China and commands a premium in the market. The compact yarn is also low on hairiness, has higher strength and elongation, less fiber fly, and has significant advantages in downstream processing. This will help the project generate higher margins as compared to other spinning mills, it said.

As part of the Rajasthan government’s package, SVP has derived significant advantages like interest subsidy, VAT benefit and electricity duty rebate which may ultimately have a positive impact on the company’s bottomline.

The Group, headquartered in Mumbai, already owns three units at Coimbatore, Palani, Madurai in Tamil Nadu for manufacturing polyester and cotton blended yarn.