Local Group lands JV deal with Geepas
Belayab Group – a conglomerate with a diversified business portfolio ranging from hospitality, electric cables supply and food processing in addition to car assembly has signed a joint venture agreement with Geepas—a leading consumer electronic brand in the Middle East – for the manufacturing and assembly of Geepas products in Ethiopia.
In a press conference held on Thursday,May 16, 2019, it was said that the company will start its production shortlythrough its manufacturing unit based in Adama, the Oromia Regional State.
Geepas, with its expertise in the consumer industry for over 30 years, has grown to become one of the most reputed brands with more than 1500 products spread across various sectors such as Home and kitchen appliances, Entertainment Products, Personal Care, Lighting, Power Tools and Bath Fittings.
Ten types of consumer products will be provided to the local market through the opening of a sales center and is expected to have a production capacity of 60,000 TVsets annually.
It has been six months since the construction of the assembly plant has begun, situated on a 2,500 sq. meter of land in Adama. The Groupwill have a 50 percent stake in the assembly business.
“Geepas has been a household name in the Ethiopian market for more than 15 years. Our investment in Ethiopia, which is our first in Africa, has been inspired by the governments’ open door policy for foreign direct investment. BelayabGroup’s local expertise in manufacturing will be an important factor for us in growing the brand in the region with the quality standards we have been known for across theregion,”said Nizar TN, Executive Director, Geepas.
Geepas has emerged as a multinational with its products shipped to 82 countries across the world; Africa and the Middle East in particular.
Aschalew Belay, Founder Chairman of BelayabGroup, stated thatthe Group has been actively seekingfor partnership with reputed international brands. With an exciting range of products that would satisfy every consumer’s need along with strong brand reputation in the market, our partnership with Geepas fits very well into our strategy to bring in technological knowledge to Ethiopia without losing focus on the ever growing consumer demands.”