Muhammad Ayub Ali :
A new lifeline is being extended to one of Bangladesh’s largest conglomerates as Japanese firm Revival and US-based Ecomilly prepare to jointly invest Tk 245 crore in reopening the shuttered factories of Beximco Group, Ministry of Labor and Employment sources said.
The initiative, recently approved by the government, is seen as a crucial step to revive industrial capacity, safeguard foreign buyer confidence, and create fresh employment opportunities in the country’s apparel sector.
The factories in question belong to Beximco’s textiles division, comprising 15 units that supply global retail giants such as Zara, Marks & Spencer, Target, American Eagle, Pull & Bear, and Bestseller.
These facilities ceased operations following political turmoil in August last year, leaving equipment unused and thousands of workers without jobs.
To accelerate the reopening, the Ministry of Labor and Employment confirmed that Revival and Ecomilly have submitted a formal proposal and are now waiting the signing of a tripartite agreement with Janata Bank and Beximco.
Revival’s plan is ambitious. The company aims to reopen the factories under a tripartite lease arrangement where defaulted loans to Janata Bank will be rescheduled.
Revenue generated from renewed operations will first go towards servicing these loans, while Revival will collect a service charge.
To instill transparency and boost buyer confidence, Revival intends to hire a world-renowned audit firm, ensure sustainable production practices, and bring skilled workers back on board.
Importantly, the company will arrange a $20 million back-to-back letter of credit (LC) from a foreign bank to kick start production.
Adding to this momentum, the BUET Investment Network—a Diaspora of Bangladeshi engineers in the United States—has assured the government that it can help mobilize an additional $100 million in loans in the future to further support Beximco’s revival.
For Beximco, which has defaulted on a large debt with Janata Bank, the move represents both a rescue and a second chance.
Managing Director Osman Kaiser Chowdhury acknowledged that negotiations hinge on how Janata Bank agrees to restructure the loans, noting that Revival, Beximco, and the bank have already held several meetings to iron out terms.
The government, meanwhile, has already extended an interest-free loan of Tk 585 crore to clear dues of workers and employees—a sum officials admit may be difficult to recover.
With factory equipment at risk of decay due to months of idleness, the Advisory Council has prioritized reopening as part of efforts to protect assets and stimulate job creation.
Former Labor Secretary AHM Shafiquzzaman, who chaired a multi-party meeting in August, stressed that restoring operations is essential to sustain economic momentum.
Revival CEO Mohammad Faisal Huda, speaking from Japan, echoed this sentiment: “We want to provide employment to 25,000 people and retain world-renowned buyers.
This must not turn into another hallmark scandal; we want accountability and growth.”
Both the Finance Division and Bangladesh Bank have signaled cooperation, while the Bangladesh Investment Development Authority (BIDA) has indicated scope for short-term bank loans to support foreign-backed ventures.
Mohammad Hatem, President of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), told The New Nation that new investments in the sector would bring significant benefits for the country.
Firstly, it would prevent factory machinery from going to waste, while also restoring jobs for nearly 40,000 workers.
Most importantly, the arrival of Japanese and US investors would introduce modern machinery and skilled manpower, which would greatly strengthen Bangladesh’s industrial capacity.
