From HinduBusinessLine.

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.

Read more at HinduBusinessLine.