Ananta Group Invests US$ 70M In Bangladesh Knit Fabric Facility
Ananta Group is poised to invest US$ 70 million in a new synthetic knit fabric manufacturing facility, supported by US$ 40 million from the Asian Development Bank (ADB) and syndicated arrangements. Despite challenges like dollar shortages for raw material imports and intermittent gas and electricity supply, the group aims to establish Ananta Knitwear Limited in Narsingdi. This venture marks Bangladesh’s first backward linkage industry for a leading apparel exporter, targeting the export market for activewear, sportswear, and intimate apparel made from manmade fibers.
The investment sets a goal of achieving US$ 700 million in export turnover over the next five years, according to entrepreneurs. Sharif Zahir, Managing Director of Ananta Group, stated, “We have secured US$ 40 million in low-cost, long-term financing from ADB for importing capital machinery. The remainder will be funded internally for land procurement and construction.”
Construction is slated to commence next month, with production scheduled to start by late 2025. The factory plans to create 2,000 jobs in two phases, boasting a daily production capacity of 60 tonnes initially, with an eventual capacity of 30 tonnes. Zahir expressed optimism that the facility will attract major sportswear brands like Nike, Adidas, and Puma to source MMF-based sportswear from Bangladesh.
The new factory aims for LEED Platinum certification, leveraging advanced automated, energy-efficient machinery and technology. Zahir noted, “Our unit will generate 2MW of solar energy from its rooftops.” ADB Director General for Private Sector Operations, Suzanne Gaboury, highlighted the textile industry’s broader impact on Bangladesh’s economy and national resilience, emphasizing ADB’s support to attract crucial financing to this strategic sector.
Asif Zahir, Deputy Managing Director of Ananta Group, projected Ananta Knitwear’s annual turnover at approximately US$ 100 million, boosting the group’s intimates and activewear manufacturing capabilities. He anticipated increasing the turnover of their intimate apparel unit from US$ 50 million to US$ 200 million with this initiative.
With a diversified product range including jeans, suits, sweaters, and outerwear, Ananta Group currently earns about US$ 400 million in revenue and employs over 30,000 across seven factories.
