Beximco Textiles may resume operations as Japanese company shows interest
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Beximco Group’s Textiles and Apparel Division, BexTex, which has been closed amid financial pressure, may resume operations under a lease agreement with Japanese apparel firm Revival Project Limited.
The company has agreed to take over the factory as part of a government-backed initiative.
Beximco has issued a comfort letter supporting the lease arrangement.
Revival Project, which has prior experience in the apparel sector, plans to invest $20 million or around Tk 2.5 billion into the operation.
A tripartite agreement involving Revival Project, BexTex and lender Janata Bank is expected to be signed this August.
Though initially hesitant, Beximco is now on board to restart the unit through the lease deal.
Bangladesh Bank, Janata Bank and the government are working to provide policy support.
The labour and employment ministry is coordinating on behalf of the government.
A senior Bangladesh Bank official, speaking on condition of anonymity, told bdnews24.com: “The Japanese company has assured it will bring in capital at the time of purchase order.
“Details will be finalised when the agreement is signed.”
To ensure full financial transparency and loan repayment from export earnings, stakeholders say the Japanese firm may appoint Deloitte as auditor.