The stock-market listed Far Chemical of Far Group has invested 3 billion Taka in the spinning business and has already started the trial basis production. Production has begun at the company’s spinning unit from Monday (October 17). The production capacity of the spinning unit is 18 tons per day. The authorities want to start commercial production within the next month.
Company’s marketing director Md. Humayun Kabir inaugurated the experimental production of the company. Company Secretary ABM Golam Mostafa FCMA along with senior officials were present at that time.
Humayun Kabir said, Far Group has been in the garment business with a reputation since 1991. Even in a stagnant period, the group is boldly investing in new businesses. Through this, they want to contribute to the socio-economic development of the country and create new employment.
He said that in the spinning unit the world’s latest technology machinery has been used. These are imported from Japan, Germany, Italy, China and India and around Tk.300 crore has been invested for the expansion unit.
According to the available details, Far Chemical has initially installed 33,600 spindles on the production line at Rupganj in Narayanganj and its daily spinning capacity stands at 18 tons.
In response to a question, Humayun said that due to the global situation, the business potential of Bangladesh in this sector is very high. As a result, the capacity that we currently have, we need to increase it further.
Far Chemical – a concern of the Far Group – manufactures and exports chemical products to various export-oriented textile, dyeing and apparel industries. The group has two other firms – ML Dyeing and RN Spinning Mills which were listed on the capital market.