The Far Chemical Industries from Far Group in Bangladesh has entered into spinning business at an investment of Taka 300 crore even as it started production trial of the same recently.
This was underlined by a disclosure made by the company on the Dhaka Stock Exchange (DSE) website even as it arranged for investment through bank loans and from its own sources.
According to the available details, Far Chemical has initially set up 33,600 spindles in the production line at Narayanganj’s Rupganj and its daily spinning capacity stands at 18 tonnes, but the rolling blackouts now cripple 30 per cent of the production, claimed official data.
The new spinning machines have reportedly been imported from Japan, Germany, Italy and Switzerland.
“We set up the spinning unit to meet the growing demand,” meanwhile opined Director of Marketing of Far Group, Md Humayun Kabir, even as he added they will jump into commercial production after one month if the trial yields positive outputs while also underlining there is a huge potential in the local apparel backward linkage sector and it is burgeoning day by day.
