CIEL Textile and the SOCOTA company struck a strategic agreement today to build the largest woven fabric factory in the Indian Ocean area through its subsidiary Aquarelle.
The 50-50 joint-venture agreement will result in the establishment of a joint mill in Madagascar with a truly localised and qualitative offering, as well as a large production capacity.
The present COTONA site (SOCOTA group), which adjoins the existing CIEL Textile activities in Antsirabe, will be expanded, and the industrial equipment of the CFL (Aquarelle) fabric mill in Solitude, Mauritius, will be progressively transferred.
CIEL Textile has been established in Madagascar since 1989 with to date six factories including three located in Antsirabe where the group has invested in a cutting-edge industrial site which already employs more than 5,000 people. This new project will create new jobs and will be a real showcase of the Group’s industrial know-how.
Mauritius-based textile group SOCOTA has expanded its presence in Madagascar by acquiring CIEL Textile with the creation of a major player in woven fabric production on the COTONA site in Vakinankaratra. The transaction reinforces the relevance of SOCOTA’s regional strategy, leveraging on the complementary positioning of Mauritius and Madagascar to build a truly attractive supply zone.
