Faysal Bank Limited has finished arrangement of Rs2.1 billion finance for a syndicated term facility of the company Indus Home Limited, formed as a result of Indus Dyeing and Manufacturing Ltd's joint venture with West Point Home Inc, USA.
The facility is co-financed by Habib Bank Ltd and National Bank Ltd.
Indus will establish a towel production unit with purpose of exporting, in Raiwind near Lahore by use of the finance facility. Faysal Bank has accumulated capital for this enterprise which has an aggregate cost of Rs3.6 billion.
Funds will be used for financing import of plant and equipment for the project, and establishing textile production and finishing facilities.
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