Beximco Group has taken the initiative to reopen 15 of its previously shut-down factories. Japanese company Revival plans to invest BDT 24.5 billion (approximately USD 2.3 million) for this purpose, with support from US-based e-commerce firm Ecomily.
The government has approved the joint investment, and a tripartite agreement involving Revival, Beximco, and Janata Bank is now awaited, according to sources at the Ministry of Labour and Employment.
Beximco’s textile division, which serves major international buyers such as Zara, Marks & Spencer, Target, American Eagle, Pull & Bear, and Bestseller, has faced closures since August 2024 following political changes in Bangladesh.
Revival Project Limited and Ecomily have proposed a combined investment of USD 2 million to restart operations. Additionally, a network of BUET alumni based in the US, known as the BUET Investment Network, has offered to facilitate an additional USD 10 million in loans to support the factory relaunch.
Beximco Managing Director Osman Kaiser Chowdhury told media that Revival is reviewing how Janata Bank plans to reschedule Beximco’s outstanding loans, which is a key step before finalizing the tripartite agreement. Revival submitted an expression of interest to the government in June, seeking Janata Bank’s approval for rescheduling the defaulted loans. Beximco has also provided a Letter of Comfort to the ministry to assure the investment.
The Ministry of Labour and Employment has already provided BDT 5.85 billion in interest-free loans to pay workers’ dues, though recovery remains uncertain.
Equipment in the factories has also deteriorated due to the prolonged closure. Revival plans to operate the factories under a tripartite lease agreement, using a portion of the revenue as service fees and the rest to repay rescheduled loans.
The company also intends to secure a USD 2 million back-to-back Letter of Credit from foreign banks and appoint a global audit firm to ensure transparency, while maintaining international buyers’ confidence, recruiting skilled workers, and implementing sustainable production practices.
Revival CEO Mohammad Faisal Huda, currently in Japan, said they hope the tripartite agreement will be signed within two weeks and aim to provide employment for 25,000 people while retaining Beximco’s international buyers.
The government has expressed strong support for the initiative, emphasizing the dual benefits of recovering loans and creating employment opportunities.
