Kanoria Africa Textiles, a subsidiary of Kanoria Chemicals & Industries Ltd (KCI), has set up an integrated plant at Bishoftu in Ethiopia to manufacture denim fabric.
"Kanoria Africa Textiles plc is setting up an integrated Denim project in Ethiopia, which is the first such project in East Africa.Kanoria Africa Textiles, a subsidiary of Kanoria Chemicals & Industries Ltd (KCI), has set up an integrated plant at Bishoftu in Ethiopia to #
"The state-of-the-art plant, set up at a cost of $50 million, will initially produce 12 million metres of high quality denim fabric per annum," Kanoria Chemicals & Industries said in a BSE filing.
"We expect that the project would become a shining example of India-Africa partnership. It is also a testimony of increasing overseas Indian investment," it added.
The plant was inaugurated by Prime Minister of Ethiopia Hailemariam Desalegn.
Earlier this month, Asit Roy, KCI's assistant vice president (Economic Affairs) said the company wanted to capitalise on the early mover advantage in denim production in East Africa. “Inexpensive power, availability of cotton and a pro-industrialisation stance of the Ethiopian government are the other reasons for locating the project in Ethiopia,” he said.
KCI has so far invested $44 million in the Ethiopian plant and the products manufactured there would be mainly meant for exports, Roy said. (SH)
Fibre2Fashion News Desk – India
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