Paramount Textile, manufacturer of woven yarns and part of Paramount Group, will be investing $85.45 million in balancing, modernisation, rehabilitation and expansion (BMRE) as well as for establishing a new project to increase its production capacity. The funds will be sourced through foreign term loans, the company said in a filing with Dhaka Stock Exchange (DSE).
Paramount Textile expects to generate an additional revenue of $7 million per month after the expansion, as per the filing.
The new unit will be capable of producing 400 tonnes of fabric per month, thus almost doubling the total production capacity of the company, Bangladeshi media reports quoted company secretary of Paramount Textile Md Robiul Islam as saying.
The company is looking to expand to tap into the increasing demand for manufactured products as orders increase amid the pandemic, added Islam.