Deal next week to revive Beximco Textiles

The long-stalled Beximco Textiles operation is expected to resume, with Japanese company Revival, Janata Bank and Beximco planning to sign a contract next week once the Janata Bank board clears the draft on Tuesday (18 November).

The three parties have already finalised the draft agreement. The agreement will be signed after the Janata Bank board approves the draft at its meeting.

The Japanese-Bangladeshi ethical fashion and sustainability venture Revival Group Co Ltd and Revival Projects Ltd have confirmed that they will lease and restart the Beximco Textile Division. 

Beximco Textiles gets a lifeline: $20m Japanese deal to reopen factories

More than 25,000 workers can potentially regain their jobs following the factory closure. 

Supported by US-based financing partner Ecomilli, founded by leading Non-Resident Bangladeshi (NRB) professionals, the initiative marks a significant employment restoration effort.

Huda Mohammed Faisal, CEO and co-founder of Revival said, "We see this as far more than just the reopening of a factory. It is the restoration of dignity for thousands of families. Every job regained is a story of recovery and renewed confidence in the nation's future."

Osman Kaiser Chowdhury, managing director of Beximco Ltd, added that the company tried to keep the textile division operational until the government-mandated shutdown. 

"Our 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," he said. 

"Despite immense financial challenges, we kept our modern machinery in running condition so the factories could restart at a moment's notice. The revival agreement with Revival now makes that possible."

Farhan S Karim, president of Ecomilli, stated, "As a non-resident Bangladeshi, it is an honor to help revive a facility that once powered our national economy. This isn't about brain drain. It is about brain gain. We are proud to stand with the government and Revival to rebuild livelihoods and support the nation's industrial resurgence."

Beximco Textile was shut down due to loan defaults after over three decades of operations. 

Revival then stepped in and made the decision to take over the unit through a long-term lease. The company's plan is centred on a factory restart, reinstating the original management team and welcoming back the entire workforce. 

Japanese management systems and operational discipline will be introduced through experienced C-suite leaders from Japan. 

In addition, a global Big Four accounting firm will be appointed to ensure transparency and international-standard governance.

Revival aims to reconnect BEXIMCO Textile with its global buyer base, while simultaneously developing new international partnerships. 

The company's philosophy 'Design locally, sell globally' underscores its commitment to elevating Bangladeshi products from low-cost garments to premium, design-driven global fashion offerings. 

Also exporting premium products that carry the pride of "Made in Bangladesh."

As part of this vision, Revival plans to introduce advanced training and international-standard certification programmes for young designers and industry professionals. 

The company is also laying the groundwork for the country's first comprehensive Design Institute, where educators and industry experts from Japan, the US and Europe will mentor students, preparing them to lead future creative industries at home and abroad.

The draft tripartite agreement among Revival Projects Ltd, Beximco and Janata Bank was submitted on 8 October. 

Janata Bank's Board is set to review it in their upcoming meeting next Tuesday, with all parties expecting a signing within the month. 

Senior leadership teams from Revival and Ecomilli are planning to arrive in Dhaka in the third week of November for the official signing ceremony.

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 plan to resume production by December, bringing back more than 25,000 workers with dignity and security. 

By 2027, Revival projects annual profits of Tk500 crore – revenues that will support repayment of outstanding loans and ensure long-term financial stability for the country's largest textile brand.