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Deshbandhu to set up first polyester fiber plant |
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2015-9-18
Deshbandhu Group has taken a move to set up the nation's first Polyester Staple Fibre (PSF) production plant in Bangladesh, which could meet 40 per cent out of the country's annual demand.
This fibre is a key raw material for spinning mills of the country. Yarn producers import 0.3 million tonnes of PSF worth $450 million annually.
Once the Deshbandhu plant is operational, it will be able to cut 0.12 million tonnes of imports worth US $200 million (Tk 15.80 to 16.0 billion) annually, officials said.
The company's investment plan was disclosed at a contract signing ceremony between Deshbandhu Group and Chemtex Group on PSF Project, held at a city hotel on Saturday.
Speaking as the chief guest, Industries Minister Amir Hossain Amu said the PSF plant is going to open a new horizon for the country's textile sector.
"As spinning mills are totally import-dependent for PSF, the new initiative will help reduce the dependency to a large extent" he said.
However, Managing Director of Deshbandhu Fiber Ltd (DFL), a sister concern of Deshbandhu Group, Md Golam Rahman and Chairman and Chief Executive Officer of Chemtex Group Sean Ma signed the contract between on behalf of their respective companies.
After conducting the feasibility study, DFL has selected 30 acres of land at Baghabari Ghat under Shahjatpur in Sirajganj to set up the plant at a cost of Tk10 billion, Chairman of Deshbandhu Group Golam Mostafa said.
He said DFL's plant is an initiative to make the country self-sufficient in PSF.
The PSF factory, a backward linkage for the garment sector, will also directly employ 2,000 and indirectly another 6000 people, he said.
Sean Ma said Bangladesh is a 'fertile' economy for global businesses.
He noted that Bangladesh would be the second most potential economy after China in terms of growth.
He said his company is pleased to work with DFL by providing technology.
Chief Financial Officer of Deshbandhu Group M A Bashir Ahmed informed the newsmen that fabrics from polyester yarn are used extensively in apparel and home furnishings--- shirts, pants, jackets, hats, bed sheets, blankets, upholstered, furniture, and so on.
He said the cost of PSF, made from DFL will be more than 20 per cent cheaper than that of imported.
Mr Ahmed also pointed out that this move will inspire many other companies to setup PSF factories as demand for the product is increasing by 12 to 15 per cent year-on-year basis.
Lawmaker and Chairman of Bangladesh Fertilizer Association Kamrul Ashraf Khan Poton, Advisor to Deshbandhu Group Brig (ret.) Sarwar Jahan Talukder, Vice-President of Chemtex Ajay Das, among others, also spoke.
Source:Financial Express
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