Badsha Group, Bangladeshs textile powerhouse, eyes US $ 1.3 billion turnover with US $ 86 million foreign loan infusion
Amid the ongoing challenges faced by the countrys readymade garment industry due to the current dollar crisis, Badsha Group of Industries, a prominent textile manufacturer, is set to achieve an annual turnover surpassing US $ 1.3 billion by FY 26.
This ambitious goal follows the approval of an approximately US $ 86.83 million loan from three international financial institutions, reports Apparel resources.
This is as per reports which citing top officials of the group underlined the International Finance Corporation (IFC) has approved US $ 40 million, the Development Bank of Austria (OeEB) has sanctioned 25 million euro (about US $ 27.29 million), and the German Export Credit Agency (ECA) LBBW has provided 17.9 million euro (around US $ 19.54 million).
Badsha Group plans to utilise the foreign funds to establish a state-of-the-art greenfield spinning mill in Madhabpur, Habiganj, with a projected investment of US $ 141 million, including loans from local banks and internal funds.
The mill is designed to have 1.81 lakh spindles for producing premium cotton, viscose, and blended cotton yarn.
In addition to the spinning mill project, the group has recently made substantial investments, including a Taka 800 crore investment in the Pioneer Denim project, with an annual export target of US $ 700 million.
