Two British and Chinese companies have proposed a combined $23 million investment to restart a closed factory of Bangladesh's Beximco Group in the Gazipur industrial park—Prefix Fashions Ltd—under a new business model. According to local media reports, the factory could resume production as early as next April, subject to relevant government approvals. The plan is seen as Beximco's first step toward revitalizing the 16 idle textile and garment units in the park.

Key Points

  • UK-based Charter HCP Ltd and China's Besting Ltd plan to jointly invest $23 million, with the Japan-Bangladesh joint venture Revival Global serving as asset manager, planning to cooperate with Beximco through a five-year lease or agreement.
  • Export proceeds will go directly into bank accounts, with lien-holding banks automatically deducting loan installments, thereby bypassing Beximco Group's direct management of debt repayment funds.
  • The factory is expected to employ about 2,500 workers initially upon restart, with about 90% of products being jackets for international markets. Investors expect to achieve approximately $500 million in garment exports within two to three years of production.

A "Lease-Out" Solution Under Heavy Debt Pressure

Beximco Group is currently burdened with heavy bank debt. According to reports, its total bank liabilities exceed 400 billion taka, of which 32 factories in the Gazipur industrial park account for 299.25 billion taka. State-owned Janata Bank is the largest creditor, involving approximately 232.85 billion taka.

Under the proposed structure, foreign investors would sign a five-year lease or agreement with Beximco, export earnings would go directly into dedicated accounts, and lien banks would automatically deduct repayments. Analysts believe this arrangement keeps Beximco from directly handling debt repayment funds, helping ensure debt is repaid on schedule.

From One Factory to 30,000 Jobs

After the government change on August 5, 2024, Beximco's factories suffered damage and arson; due to failure to pay workers' wages and benefits, the interim government announced the closure of these factories in March 2025. The government had previously provided 5.26 billion taka in financial assistance to clear workers' unpaid wages. Beximco Group's ownership is linked to Salman F Rahman, who served as private industry and investment adviser to former Prime Minister Hasina and remains in prison.

According to the arrangement, Beximco and Revival Global officials are scheduled to meet on October 11 with the chairman of Bangladesh's investment promotion agency "Invest Bangladesh" to discuss progress. After obtaining necessary approvals from the Bangladesh Investment Development Authority (BIDA) and Bangladesh Bank, the restart process for Prefix Fashions can proceed.

If the Prefix Fashions plan succeeds, Beximco plans to gradually restart the remaining 15 idle units in the park. This is expected to provide re-employment opportunities for more than 30,000 workers who lost their jobs after the factory closures. For the regional used clothing and recycled fiber supply chain, the return of Bangladesh's garment capacity may affect raw material procurement rhythms and garment export flows, and its foreign-capacity trusteeship restart model is also worth watching by industry peers.

Source: British and Chinese firms propose $23m to reopen Beximco factory · Originally published on 2026-10-08