India’s Welspun announced it entered into a “strategic agreement” with the Cotton Egypt Association, Reuters reported. The agreement allows Welspun to use the Egyptian cotton logo for the five years ending in 2022. The company said it will invest a total of USD 3 mn in a stage wise manner over next few years to support the joint initiatives and is exploring options to expand in Egypt to include a manufacturing facility. The Cotton Egypt Association investigated Welspun in September following its role in selling products mislabelled as “Egyptian cotton” to US retailers, and Welspun representatives flew to Egypt in October to resolve the issue.

Tags: