Kanoria?s African venture

Kanoria?s African venture

Kanoria Chemicals & Industries Ltd is back in textile business after a gap of two decades. The company is in talks with H&M, Peter Van Heusen, Velocity, Raymonds and Arvind to sell denim from its plant in Ethiopia. The company has made an investment of about $50 million in the African country to take advantage from duty-free exports to the US and the European Union.

Kanoria Chemicals & Industries Ltd is back in textile business after a gap of two decades. The company is in talks with H&M, Peter Van Heusen, Velocity, Raymonds and Arvind to sell denim from its plant in Ethiopia. The company has made an investment of about $50 million in the African country to take advantage from duty-free exports to the US and the European Union. The plant is the first denim manufacturing unit in the eastern Africa.

The plant has an annual capacity of 12 million metres. The company requires 5,000-7,500 tonnes of cotton yearly. Currently, it is importing cotton from the US, India, Pakistan and Sudan. Under trade agreements with African countries, garment exports to the US and the EU do not attract import duty, which is 14 per cent.

The Ethiopian venture had 20 per cent equity participation from private equity player Fung Capital. Indian Export-Import bank has provided a $21-million loan for the plant. The denim plant is located in Bishoftu town of Oromia region. It will make fine-quality denim fabric and create direct employment opportunities for about 500 people, and an expected indirect employment to around 20,000, primarily in the garment sector.

The Kanoria group is diversified and has a presence in manufacturing organic chemicals in India, electronic auto components in Europe and renewable power in India. The group is also among the largest chemical marketing and distribution companies in the world.

The company expects to generate annual foreign exchange earnings of $25 million from the unit. The new venture. Kanoria Africa Textile sees a huge market in Africa and the idea behind setting up the unit is not just getting into textile but into Africa. Cheap hydropower is one of the advantages that Ethopia has over India. The company has invested in its own 132-kV substation and seven km-long power transmission line to the plant.

CATEGORIES
TAGS
Share This

COMMENTS

Wordpress (25)
  • comment-avatar

    allergy pills prescribed by doctors common prescription allergy pills does benadryl make you sweat

  • comment-avatar

    sleeping tablets prescribed by doctors melatonin 3mg cheap

  • comment-avatar

    buy amoxicillin generic buy amoxicillin 500mg pill order amoxil 1000mg for sale

  • comment-avatar

    top selling sleep aids melatonin price

  • comment-avatar

    furosemide over the counter order furosemide 40mg for sale

  • comment-avatar

    buy augmentin 1000mg online amoxiclav generic

  • comment-avatar

    buy rybelsus sale generic rybelsus 14mg semaglutide 14mg brand

  • comment-avatar

    order generic zithromax zithromax drug azithromycin 250mg uk

  • comment-avatar

    thnx for sharing your nice webpage. [url=http://www.magpiesoft.co.kr/new/bbs/board.php?bo_table=free&wr_id=61289]ivermectin 6 disponibile in farmacia a Roma[/url]

  • comment-avatar

    rybelsus 14mg for sale generic rybelsus oral semaglutide

  • comment-avatar

    buy triamcinolone 10mg pill aristocort 4mg for sale triamcinolone canada

  • comment-avatar

    cialis 40mg uk cialis 10mg without prescription cialis 10mg canada

  • comment-avatar

    buy clarinex 5mg generic clarinex 5mg drug clarinex 5mg cheap

  • comment-avatar

    lopressor medication buy metoprolol 100mg online cheap buy lopressor without a prescription

  • comment-avatar

    buy ketorolac pills for sale buy colcrys without prescription colchicine online order

  • comment-avatar

    finpecia online purchase proscar purchase diflucan for sale

  • comment-avatar

    cheap acillin buy vibra-tabs pills amoxil online buy

  • comment-avatar

    cipro 1000mg over the counter – buy generic ethambutol 600mg buy clavulanate medication

  • comment-avatar

    … [Trackback]

    […] Info on that Topic: indiantextilejournal.com/kanorias-african-venture/ […]

  • comment-avatar

    cost of ivermectin – cheap sumycin tablets order sumycin 500mg

  • comment-avatar

    buy valacyclovir generic – cheap nemasole pill buy zovirax generic

  • comment-avatar

    purchase metronidazole online – where can i buy azithromycin azithromycin price

  • comment-avatar

    order glucophage without prescription – order cefadroxil 500mg online buy lincomycin sale

  • comment-avatar

    clozapine brand – buy glimepiride 1mg pill pepcid brand

  • comment-avatar

    Hello, i think that i saw you visited my web site so i came to “return the
    favor”.I’m trying to find things to improve my website!I suppose its ok
    to use some of your ideas!!

  • Disqus ( )