The long-closed Beximco Textile Division is expected to resume operations, with the Japanese-Bangladeshi venture Revival Group, Beximco, and Janata Bank set to sign a deal next week after Janata Bank clears the draft on Tuesday.
Japanese鈥揃angladeshi ethical fashion and sustainability venture Revival Group Co Ltd and Revival Projects Ltd confirmed the restarting of leasing of the Beximco Textile Division, which could pave the way for about 25,000 workers to regain their jobs.
Ecomilli, a United States-based financing partner founded by a non-Resident Bangladeshi, has been assisting the revival project.聽
According to a statement from the Revival, the draft 鈥楾ripartite Agreement鈥� among Revival, Beximco, and Janata Bank was already signed and submitted on October 8.
鈥楯anata Bank鈥檚 Board is set to review it in their upcoming meeting next Tuesday, with all parties expecting a signing within the month,鈥� the statement added, saying that the senior leadership teams from Revival and Ecomilli are planning to arrive in Dhaka in the third week of November for the official signing ceremony.
Earlier on January 28, the government decided to close 12 companies within Beximco Industrial Park and paid the entire legal dues to the affected workers between February and March.
Since the political change in August last year, a number of factories in the Beximco group have been facing challenges due to mounting debt, labour unrest, and a lack of orders.
According to Revival, the reopening of Beximco would reverse the devastating impacts of the shutdown caused by loan defaults, following over three decades of successful operations.
Huda Mohammed Faisal, CEO and co-founder of Revival, said that they see this as far more than just the reopening of a factory.
鈥業t is the restoration of dignity for thousands of families. Every job regained is a story of recovery and renewed confidence in the nation鈥檚 future,鈥� he added.
Farhan S Karim, president of Ecomilli, said that as an NRB, it is an honor to help revive a facility that once powered the national economy.
鈥楾his isn鈥檛 about brain drain, it is about brain gain. We are proud to stand with the Government of Bangladesh and Revival to rebuild livelihoods and support the nation鈥檚 industrial resurgence,鈥� he added.
Osman Kaiser Chowdhury, managing director of Beximco Ltd, said that the company had tried relentlessly to keep the textile division operational until the government-mandated shutdown.
鈥極ur primary concern was to protect the livelihoods of 42,000 workers and executives and to continue generating the nearly $40 million in monthly exports that sustained the business,鈥� he added.
聽He also said that despite immense financial challenges, they kept their modern machinery in running condition so the factories could restart at a moment鈥檚 notice. The revival agreement with Revival has now made it possible.
Revival also stated that it would introduce Japanese management systems and operational discipline, along with a global Big Four accounting firm, to ensure transparency and international standards.
The company would reconnect Bexicmo with its global buyer base, while simultaneously developing new international partnerships.
Under the first phase of the partnership, Revival and Ecomilli will deploy $20 million in back-to-back LC support, with plans to expand to $100 million depending on factory performance and global demand.
The companies also planned to resume production by December 2025, bringing back more than 25,000 workers with dignity and security.
By 2027, Revival projected annual profits of Tk 500 crore, revenues that would support repayment of outstanding loans and ensure long-term financial stability for the country鈥檚 largest textile brand.