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India to provide funding for the Rivatex revival and expansion project

YarnsandFibers News Bureau 2014-08-19 15:30:00 – Kenya

India showing interest in revival and expansion of the Rift Valley Textile Company Ltd (Rivatex) currently owned by Moi university Company, which acquired and revived it after it collapsed.

India will sign a financing agreement with the Kenyan government once it is satisfied with the firm's revival. The Export-Import Bank of India will provide funding for the planned expansion of the textile company. Rivatex's operations will be expanded at a cost of Sh7.9 billion.

India's High Commissioner to Kenya, Yogeshwar Varma visited the factory on Saturday to evaluate its operations before negotiations for the agreement are completed and also met the Rivatex team to look at the possibility that can bring up the factory in a commercially viable manner.

Varma said that they are looking at details of providing the soft loans for funding the Rivatex expansion project and plans for the project are in advanced stages. Under the expansion plan to boost its production capacity, new machinery needs to be installed.

The Indian government has already received a final report on the project and is now examining it for details. However, cotton shortage being the major hurdle; it needs to be addressed under the plan to expand the factory's operations.

In the meanwhile, experts from India have assisted in laying out a marketing strategy for Rivatex's products.

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