REVIVAL Group to restart Bangladesh's BEXIMCO Textiles & Apparel

The initiative is backed by US-based financing partner Ecomilli, founded by non-resident Bangladesh professionals.

BexTex had shut down due to loan defaults after over three decades of successful operations.

Thousands of workers were displaced, small businesses around the industrial zone collapsed and entire communities faced deep financial uncertainty.

A draft agreement among REVIVAL Projects Ltd, BEXIMCO and Janata Bank was submitted recently for review by Janata Bank.

The official signing ceremony is expected in the third week of November.

REVIVAL said it projects annual profits of Tk 5 billion by 2027, which will support repayment of outstanding loans and ensure long-term financial stability of the brand, domestic media outlets reported citing a company press release.

Under the first phase of the partnership, REVIVAL and Ecomilli will deploy $20 million in back-to-back letter of credit support, with plans to expand to $100 million depending on factory performance and global demand.

The companies plan to resume production by December 2025, bringing back more than 25,000 workers.

Experienced leaders from Japan would be brought in to implement Japanese management systems and operational discipline.

The group is also planning to introduce advanced training and certification programmes for young designers and industry professionals.

Since former Prime Minister Sheikh Hasina was ousted, unrest has been brewing among the companies of the Beximco Group, the country’s leading industrial group. Sixteen factories in Beximco Industrial Park were closed amid worker unrest.

Though 32 factories were listed at the Beximco Industrial Park, a government investigation committee subsequently found that only 16 existed, out of which 11 were in the textile and apparel sector. These witnessed lay-offs until last January, after which these closed.

ALCHEMPro News Desk (DS)