Kanoria Africa Textiles, a subsidiary of India-based Kanoria Chemicals & Industries Ltd, has set up a plant at Bishoftu, Ethiopia, to manufacture denim fabric.
Located 37 kilometers (23 miles) southeast of Addis Ababa, Bishoftu is a resort town at an elevation of 1920 meters (6,300 feet) in an area known for its five crater lakes.
Kanoria Chemicals & Industries is a leading manufacturer of chemicals in India with diversified business interests in textiles, renewable energy, automotive and industrial electronics.
The plant was inaugurated by Hailemariam Desalegn, prime minister of Ethiopia.
“Kanoria Africa Textiles is setting up an integrated denim project in Ethiopia, which is the first such project in East Africa,” Kanoria said. “The state-of-the-art plant, set up at a cost of $50 million, will initially produce 12 million meters of high quality denim fabric per annum.”
“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.
[afkinsider.com]