Amidst the continuous problems posed by the present currency crisis to the nation’s ready-made clothing industry, the well-known textile company Badsha Group of Industries is expected to surpass US $ 1.3 billion in annual turnover by FY ’26.
This audacious objective comes after a loan of about US$86.83 million was approved by three foreign financial institutions.
According to reports citing senior group officials, the German Export Credit Agency (ECA) LBBW has contributed € 17.9 million (roughly US $ 19.54 million), the Development Bank of Austria (OeEB) has sanctioned € 25 million (roughly US $ 27.29 million), and the International Finance Corporation (IFC) has approved US $ 40 million.
The Badsha Group intends to use the foreign funds to build a cutting-edge greenfield spinning mill in Madhabpur, Habiganj, with an estimated US$141 million of investment, including internal cash and loans from local banks.
The mill is intended to produce blended cotton, premium cotton, and viscose yarn with 1.81 lakh spindles.
The business has recently made significant investments in addition to the spinning mill project. For example, it invested Taka 800 crore in the Pioneer Denim project, which aims to export $700 million worth of goods annually.
