Bangladesh’s leading denim manufacturer and exporter Envoy Textiles has finalised a deal to the tune of € 10.80 million as loan from the Asian Development Bank (ADB) to procure machines for its second spinning unit.
This is as per media reports, which cited a filing by the company in this regard at the Dhaka Stock Exchange, as per which Envoy’s board has gone ahead with the long-term borrowing agreement with the ADB.
Envoy Textile has further reportedly maintained new unit will have an annual yarn production of 3,600 tonnes to be used primarily for in-house production of denim fabrics while also adding the new unit will be more energy-efficient and automated.
