Varsity gives new lease of life to shut textile firm
24 Aug '07
1 min read
According to sources in the Trade and Industry Ministry, Eldoret-based firm Rift Valley Textile Mills has been bought by Moi University.
The mill, which has been languishing since its collapse in 1996, was bought by the varsity for a sum of Sh205 million. Most of the machinery in the textile firm had been lying idle for years.
Sources said the ownership of the company was handed over to Moi University's chancellor yesterday. The firm is expected to start functioning in three weeks' time.
The condition of Rift Valley Textile Mills points to the fact that the country's textile industry is floundering due to lack of raw materials, technical expertise and mismanagement.
Sources revealed that Government is planning to give the much-needed boost to cotton production by cutting down duty on imported ginnery equipment.
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