Leading textile manufacturer Noman Group is investing some Tk 10.00 billion in new spinning, dyeing and woven and knit garment units to emerge as the country's biggest exporter in 2010, its owner said.
The group currently ranked as the third largest exporter with annual shipment of around $200 million says its export will double next year, cashing on the windfall of the global economic meltdown.
"The global downturn has prompted many top low cost retailers to search for thriftier supply sources," said Nurul Islam, chairman of Noman Group early this week.
"Since we operate on economy of scale and with a very low profit margins, we are receiving increased orders from top retailers like Asda, Wal-Mart, Target," Islam said
The company is expanding its woven and knit garment units, adding a new 75,000 spindle spinning mill and an additional 100,000 square metres fabrics dyeing and finishing units, he said.
It is also investing in new poplin, bed-net, terry towel and home textile facilities, spreading its wings in almost every segment of textile business.
The company is at present one of the world's largest bed-net producers and the country's largest bed sheet exporter.
"We are adding new lines in almost every factories we have in Sreepur, Tongi and Narayanganj. As a result, our monthly export will grow from US$17 million at present to $32-35 million in January 2010," the former Islampur clothing merchant said.
Islam claimed he would invest about Tk15.00 billion this year, making him the biggest local investor in the textile and garment sectors.
Bankers have differed the figure, saying it would not be more than Tk10.00 billion.
"No doubt Noman is the most active investor this year, as it has hardly been affected by Indian yarn invasion or the global economic crisis. It business outlook remains bouyant," said a leading banker who knows Noman's investment portfolio.
"But his total investment this year won't cross the amount he claims," he added.
Still with $400-$420 million export in 2010, Noman is poised to emerge as the country's biggest exporter, ending a long-held domination by Opex Group owned by Anisur Rahman Sinha.
Opex exports some $250 million a year and next year it expects the tally to surpass $300 million.
Nassa Group, the second largest export with over $200 million annual shipment has been cautious in new investment.
Bangladesh's more than 2500 active garment and textile manufacturers last year exported $11 billion worth of knit, woven and home textile items, with only a handful exporting over $100 million or more.
