Tag Archives: Land Lease

Karuturi Ethiopia Has Gone Bankrupt: Minister

Ethiopian government expressed discontent with the performance of the Indian giant, Karuturi Global Limited,
It has been over a year since the Ethiopian government expressed discontent with the performance of the Indian giant, Karuturi Global Limited, a company engaged in the business of commercial farming, now heading to its imminent collapse

By The Reporter,

KARUTURI Global, which earlier agreed with the Ministry of Agriculture (MoA) to grow wheat on 300 thousand hectares of fertile land has fell to deliver its promises of becoming a leading agricultural company.

Karuturi was almost foreclosed after failing to repay a 65 million birr (a little over USD 3 million) loan extended via overdraft facility from the state-owned Commercial Bank of Ethiopia (CBE). However, the company immediately settled the minimum, 25 percent of the debt. But government officials told The Reporter that Karuturi is no longer reputed in Ethiopia. Continue reading Karuturi Ethiopia Has Gone Bankrupt: Minister