$20m Deal Set to Reopen 15 Beximco Mills by December

Fifteen factories under Beximco Textiles are expected to reopen in December, nine months after their closure, as a tripartite agreement between Janata Bank, Japanese firm Revival, US-based Ecomillie and Beximco Group reaches its final stage.

Officials said the deal is likely to be signed next week after Janata Bank’s board reviews the draft on Tuesday. The factories will resume operations once the advisory committee, led by Brig Gen (retd) Sakhawat Hossain, gives its approval.

Revival will inject an initial investment of $20 million, financed by Ecomillie, with the reopening expected to restore jobs for more than 25,000 workers. The three sides prepared a draft framework on 8 October. Both Revival and Ecomillie are largely owned by non-resident Bangladeshis, many of them Buet graduates now operating businesses in Japan, the United States and other markets.

Before the shutdown, Beximco Textiles owed nearly Tk35,000 crore to Janata Bank and other lenders. Around Tk23,000 crore was owed to Janata Bank alone, and all loans remain classified.

Under the draft agreement, Revival will not assume responsibility for any of the outstanding debts, and Janata Bank will extend no new loans. Revival will supply working capital and receive a 1.5%–2.5% service charge on export earnings. The agreement will run for two years and four months, with an option to extend.

After wages, taxes and operating expenses, all net profits will go to Janata Bank to repay Beximco’s loans and recover the government’s Tk585 crore support provided during the shutdown. Beximco Group will not receive any share of export profits.

Government agencies coordinated the reopening effort, involving the labour and finance ministries, Bangladesh Bank and Janata Bank. Revival’s CEO Huda Mohammed Faisal said the goal is to restore dignity and rebuild trust for thousands of affected families. Ecomillie President Farhan S Karim described the initiative as an example of “brain gain rather than brain drain,” showcasing how expatriate expertise can revive domestic industries.

Beximco Limited Managing Director Osman Kaiser Chowdhury said the textile division maintained professionalism until the shutdown and protected 42,000 jobs despite severe financial strain.

Background and Financial Troubles

Wage arrears piled up after the fall of the Hasina government on 5 August last year. The interim administration took legal measures including freezing bank accounts, seizing assets, and initiating cases related to money laundering and defaulted loans. The government later cleared workers’ dues and ordered the factories to close in February, providing Tk585 crore in interest-free support.

Beximco operates 31 textile factories, though only 15 remained functional before the closure. These facilities will reopen once the agreement is signed.

Beximco Limited is the only listed entity, with paid-up capital of Tk898.28 crore. While Salman F Rahman holds a 7.89% stake in this company, he has no ownership in the remaining factories except International Knitwear and Apparels Limited.

Production Target and Investment Plan

A senior labour ministry official said Revival and Ecomillie will open back-to-back LCs worth $20 million initially, increasing to $100 million if necessary. Executives from both firms will visit Dhaka in the third week of November for the signing ceremony.

The target is to restore production by December 2025, allowing over 25,000 workers to return. Revival expects annual profits to reach Tk500 crore by 2027, supporting loan recovery and sector stability. None of Beximco’s old liabilities will transfer to Revival; Janata Bank will move the loans into a block account to stop interest accumulation.

Officials said Beximco Textiles was assessed for revival due to its advanced machinery and strong global buyer network. The plan was endorsed at an inter-ministerial meeting on 22 July attended by representatives from Bangladesh Bank, Janata Bank, Bida, Revival and Beximco.

A senior Beximco official said Revival will take a 1.5% commission on exports to Beximco’s existing buyers, rising to 2.5% for new international brands. Labour ministry data shows textile and apparel exporters typically earn net profits of 4.5%–5% after taxes, VAT and financing costs.

Revival plans to modernise the sector by reconnecting Beximco with global buyers and attracting new partners, aiming to shift Bangladesh from low-cost production to a hub for design, creativity and brand innovation. The company’s philosophy of “locally design, sell globally” reflects this ambition.