Textile News, Apparel News, RMG News, Fashion Trends
Trade & Business

ML Dyeing investing Tk63cr to set up a spinning unit

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.

Figure: Estimated financials from Ml Dyeing’s new spinning unit.

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.

If anyone has any feedback or input regarding the published news, please contact: info@textiletoday.com.bd

Related posts

Local textile spinners see bright future ahead

Textile Today

Spinners can take price advantage using recycled yarn

Textile Today

The challenges of spinning industry and ways to assure sustainable development

Textile Today

Latest Publications

View All