Deputy Trade and Industry Minister Bulelani Magwanishe will launch multimillion-rand black industrialist firm Maneli Pets in Edenvale, Gauteng, on September 1.
Maneli Pets received grant funding of R12.5-million from the DTI’s Black Industrialist Scheme (BIS).
The BIS is an incentive of the Black Industrialists Programme that aims to unlock the potential within black industrialists operating in the South African economy through deliberate, targeted and well-defined financial and nonfinancial interventions.
Maneli also obtained R26.6-million in funding from the Industrial Development Corporation and the owners have made an equity contribution of R8-million to the project.
The company has already created 42 jobs and plans to increase this to 80 direct jobs during the next five years.
“The DTI has approved funding for 25 BIS projects in Gauteng, [and is expecting] to inject R2.2-billion in the province’s economy, with over 2 600 direct jobs to be created. These investments cut across the productive sectors of the economy, such as metals and pharmaceuticals,” Magwanishe said in a statement.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
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