Related Keywords: Asif Moyeen, Bangladesh textile industry, City Bank, Compact Yarn Manufacturing, Far East Spinning Industries Ltd, high quality yarn, IDLC Finance, readymade garments
The new venture, Far East Spinning Industries Ltd, will be the first company that will completely manufacture compact yarn in Bangladesh. As the company will be setting up a compact cotton yarn manufacturing plant on 40 bighas of land in Habiganj in the next one and a half years which will involve investment of the tune of approximate Tk150 crore.
Far East Spinning Industries, whose paid-up capital stands at Tk 45 crore, is sourcing finance through a syndicated loan of around Tk 100 crore from IDLC Finance and The City Bank.
