ShriVallabh Pittie To Build Spinning Plant In Georgia, Create 250 Jobs

ShriVallabh Pittie Group — an India-based industrial group with textile, finance, real estate,
retail and jewelry businesses — is investing $70 million to build a yarn manufacturing plant near
Sylvania, Ga., and hire 250 employees.

The facility, located at the Screven County Industrial Park, will employ state-of-the-art
machinery to manufacture carded cotton yarn in a variety of counts. The company reports that
production will be flexible to meet market demand.

“We are very excited about this project, which is the biggest single investment in the U.S.
cotton yarn sector in decades,” said Vinod Pittie, chairman, ShriVallabh Pittie Group. “We believe
there is a significant market opportunity for yarn manufacturing in Georgia due to a skilled local
workforce, proximity to high-quality cotton fiber, the economical supply and reliability of power
and world-class infrastructure to international markets. We are proud to generate 250 new U.S. jobs
and to bring a positive economic effect on the local area and its rich cotton textile heritage.”

ShriVallabh Pittie Group was established in 1898, and started its textile business, which
operates under the name Platinum Textiles Ltd., in 2003. Platinum Textiles mainly manufactures
cotton, polyester and blended yarn, and has a considerable presence in India’s textile sector, with
13 manufacturing facilities and 140,000 spindles in operation. The company also recently announced
plans to expand capacity with the addition of 60,000 spindles at its facility in Ramnad, India.

October 22, 2013