Business highlights June 19 2017

Business highlights June 19 2017

Varsity-backed Rivatex gets Ksh3 billion boost from Indian government

Rift Valley Textile Mills (Rivatex EA), a research and development facility of Moi University, has received Ksh3 billion from the government of India to facilitate technology transfer and a major facelift.

This is in an effort to enable textile firm to increase its productivity and become a global competitor in the industry.

The modernization of Rivatex’s textile machines will be done by Indian firm, Lakshmi Machine Works (LMW) Ltd.

This follows a visit by Indian Prime Minister Narendra Modi last July in which a trade pact was signed between Exim Bank of India and the Treasury.

Why the Unga narrative is far from over

The scarcity of subsidized maize flour is expected to continue after a consignment of maize expected in the country last week failed to arrive.

According to the Cabinet Secretary (CS) for Agriculture, Livestock, and Fisheries Willy Bett, two ships were expected to dock at the port of Mombasa last Thursday and Saturday with a collective cargo of 75,000 tons of maize.

However, none of them arrived as expected.

However, records at the Kenya Ports Authority (KPA) indicate that a ship labeled madi Aero is expected to dock on Monday carrying 366,666 bags of maize.

Residents displaced by Kerio fluorspar company to be compensated

Over 500 families from the Kimwarer Sugutek community, who were forcibly evicted from their land in Kerio Valley to pave way for fluorspar mining activities in the area, now have a reason to smile after the government rolled out a Ksh1 billion compensation programme.

President Uhuru Kenyatta, who visited the region last week, directed Mining Cabinet Secretary Dan Kazungu to visit the area and address the protracted issue urgently.

The families were evicted four years ago from the 900 acre ancestral land, and have been since demanding a compensation of Ksh3 million per acre.

 

 

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