Home breadcru News breadcru Fibre breadcru Bangladesh's Adnan Fibre to invest $20.66 mn in PSF facility

Bangladesh's Adnan Fibre to invest $20.66 mn in PSF facility

08 Feb '22
1 min read
BEPZA Member (Investment Promotion) Ali Reza Mazid and Adnan Fibre MD Adnan Mehmood after signing the MoU. Pic: BEPZA
BEPZA Member (Investment Promotion) Ali Reza Mazid and Adnan Fibre MD Adnan Mehmood after signing the MoU. Pic: BEPZA

Bangladesh-based Adnan Fibre Limited will invest $20.66 million to set up a facility in Ishwardi Export Processing Zone (IEPZ) to produce 25,000 metric tons of polyester staple fibre (PSF) per annum. For the purpose it has signed a memorandum of understanding (MoU) with the Bangladesh Export Processing Zones Authority (BEPZA). It will create 514 jobs.

“The company will produce PSF from the PET Flex (PET bottles) which will be collected locally. This will ultimately help to prevent environment pollution. It is the 1st such type of factory in IEPZ and will be the 2nd in EPZs under BEPZA. BEPZA always encourages to establish such kind of backward linkage industries in EPZs import substitute products,” BEPZA said in a statement.

ALCHEMPro News Desk (RKS)

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