One of the most renowned and leading apparel factory Envoy Textile Limited has decided to invest Tk1.76 billion to increase the production capacity of its blended yarn project with an annual production capacity of 3,710 tons. The project is expected to be completed by July 2022.
Envoy Textile will provide Tk0.56 billion from its retained earnings and the rest will come from the banks.
Talking to the media, Envoy Textiles Chairman Kutubuddin Ahmed said Envoy Textiles is making investments to build new capacity to produce blended yarn, which is expected to help to reduce over-rate cost. Adding that, “As an existing factory, it needs comparatively less investment than a new one.”
During the pandemic, manmade fiber-produced garment usage has gone up significantly.
Kutubuddin stressed the need to produce high-quality fabrics. He added that “Envoy Textile produces high-quality fabrics so that it need not do any marketing to sell those.”
“The US-China trade tensions also have helped to expand capacity to produce a blended yarn that used to be imported from China.”
“Currently, the government has put some non-tariff hassles on Chinese-origin products as the supply chain is more traceable to identify the origin of a product.”
Kutubuddin also stressed that the company is adjusting its capacity preference, buoyed by the forecast that demands fabrics will soon catch up with the pre-pandemic level. As vaccination on full speed in Europe and the USA – the two key export destinations of Bangladesh apparel industry.
Envoy Textiles Limited achieved the LEED (Leadership in Energy and Environmental Design) certification in the platinum category, the first and only LEED Platinum certification among the denim manufacturing companies in the world and all the garments industries in Bangladesh. The success of Envoy Textiles Limited is a significant achievement of Bangladesh in the global context.