(June 01, 2011 (Ethiopia)- The Ethiopian Government has provided 25.000 hectares of land to Spentex, one of the leading textile companies of India, to launch a cotton farm.
Spentex is planning to establish a textile factory, supposed to be the biggest in Ethiopia, but the present level of cotton production in the country will not be sufficient to provide feed to the new plant, according to Ms. Gennet Zewide, Ethiopian ambassador to India.
Spentex would like to be sure about the availability of enough raw material to sustain its textile plant, and is hence launching the cotton farm, the ambassador added.
She said, “Spentex will be investing an amount of US$ 100 million for the cotton farm and textile factory.”
Ethiopian Prime Minister Meles Zenawi had welcomed the investment saying, “it would significantly boost Ethiopia’s export to India and the world.”
Spentex would like to be sure about the availability of enough raw material to sustain its textile plant, and is hence launching the cotton farm, the ambassador added.
She said, “Spentex will be investing an amount of US$ 100 million for the cotton farm and textile factory.”
Ethiopian Prime Minister Meles Zenawi had welcomed the investment saying, “it would significantly boost Ethiopia’s export to India and the world.”
Source: Fibre2fashion News Desk - India
No comments:
Post a Comment