ML Dyeing Limited, a concern of Far Group, will set up a factory in Gazipur to start its spinning business. With a production capacity of 16,500 kg yarn per day, ML Dyeing will invest Tk62.58 crore for the business expansion.
At present, ML Dyeing is engaged in the dyeing business of yarns for export-oriented sweater companies.
“We have already imported machinery for the new plant. Despite the countrywide lockdown, we hope that the new plant will start operations in May this year,” said AKM Atiqur Rahman, Company Secretary of ML Dyeing.
The company sources are hopeful that its annual turnover will be Tk78 crore and net profit Tk12 crore.
Despite the COVID-19 pandemic shock, the net profit of the company enlarged by 2% in the 2019-20 fiscal year.
While its yearly revenue declined by 3% to Tk238 crore for the last fiscal year, compared to the previous year. In FY20, the company dyed 1.8 crore pounds of yarns.