Bank Sohar to finance cotton yarn project
Bank Sohar has been awarded the syndication mandate to fund SV Pittie Sohar Textiles (FZC) LLC’s cotton yarn manufacturing project planned within the Sohar Free Zone area. The company belongs to the Shri Vallabh Pittie Group, which is planning to set up the project in Sohar in two phases, each comprising a capacity of 150,000 spindles and 3,500 rotors with a mandate to syndicate the entire Phase-I and Phase-II debt in progression.
On the successful completion of the first phase, Bank Sohar plans to syndicate a term debt for the second phase, said a bank release. The agreement was signed on September 22 with the Sohar Port and Free Zone, at the office of the SVP Group in Jaipur, India, in the presence of dignitaries from both countries.
The Omani delegation was led by Sultan bin Salem Al Habsi, chairman of the Sohar Port and Free Zone (SPFZ), the implementing authority for the project.
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