Written by The Banking Post
Beximco Group’s textiles and apparel arm, BexTex, which has remained closed due to financial distress, is poised to resume operations under a lease deal with Japanese apparel manufacturer Revival Project Limited.
The Japanese firm has agreed to take over the factory as part of a government-supported initiative to revive the unit. Beximco has issued a comfort letter endorsing the arrangement, while Revival Project plans to inject $20 million (approximately Tk 2.5 billion) into the business.
A tripartite agreement among Revival Project, BexTex, and lender Janata Bank is expected to be signed later this month. Initially reluctant, Beximco has now agreed to the lease plan, which is being facilitated with policy support from Bangladesh Bank, Janata Bank, and relevant government agencies. The Ministry of Labour and Employment is coordinating the government’s role in the process.
“The Japanese company has assured that it will bring in capital at the time of receiving purchase orders,” a senior Bangladesh Bank official told bdnews24.com on condition of anonymity. “Details will be finalised when the agreement is signed.”
To ensure transparency and guarantee repayment of loans from export earnings, stakeholders have indicated that Deloitte may be appointed as auditor for the revived operations.
Ask ChatGPT
