The beleaguered BEXIMCO Textile Division is set for a monumental resurgence, powered by a transnational financial lifeline that underscores a renewed global confidence in Bangladesh's manufacturing sector. The Japanese-Bangladeshi sustainability venture, Revival Group Co Ltd, has finalized an agreement to lease and restart the massive, shuttered textile complex, bringing back over 25,000 jobs lost following the facility's recent closure.
Multi-National financing boosts industrial revival
This ambitious project is receiving crucial support from the United States-based financing partner, Ecomilli, a firm established by non-resident Bangladeshi (NRB) professionals. The initial financial injection includes $20 million in back-to-back Letter of Credit (LC) facilities, with the potential to scale up to $100 million based on export performance. The global structure, Japanese expertise leading the management and US-backed financing providing the capital, mitigates risk and ensures governance.
"This is a statement of international solidarity with the Bangladeshi worker," stated Huda Mohammed Faisal, CEO and Co-Founder of Revival Group. He confirmed production is targeted to restart by December 2025. By 2027, Revival projects an annual profit of approximately $45 million (BDT 500 crore). This profit is strategically earmarked to support the repayment of BEXIMCO's colossal outstanding debts, which had pushed the division into default and closure. Crucially, REVIVAL is not liable for the old loans, focusing only on generating new value.
The BEXIMCO: A crisis of capital and governance
BEXIMCO, a major Bangladeshi conglomerate, was historically renowned for its Textile Division, which maintained a global supplier footprint for major retailers like Zara and Marks & Spencer. The division was fully vertically integrated, making it a key player in the Ready-Made Garment (RMG) supply chain. Before its closure in February 2025, it averaged $32 million in monthly exports.
The shutdown was precipitated by political turmoil, management crisis, and escalating loan defaults, totaling an estimated BDT 350 billion. The government had to intervene to ensure workers received their initial severance pay. The new plan leverages the facility's modern machinery and established buyer relationships. Revival will implement Japanese-style management and lean manufacturing principles while appointing a global audit firm for financial transparency, directly addressing the governance shortcomings that led to the original financial collapse.
