IiMoving towards vertical integration, Envoy Textiles-Bangladeshi denim textile manufacturer plans to set up a spinning unit worth about Tk 235 crore with a capacity of 17,500 tonnes yarn a year, 80 per cent of which will be used for its own denim industries at Bhaluka in Mymensingh. The unit is expected to start commercial operation in the first quarter of 2016. HSBC and Brac Bank will finance about Tk 156 crore of the project cost and Envoy will provide the rest. “We will be a full-fledged textile manufacturer after completion of the unit and we hope to make annual profits of Tk 40-45 crore from expected turnover of Tk 390 crore a year with the beginning of production at the unit.” said Abdus Salam Murshedy, MD, Envoy Textiles.
