Desk Report: ML Dyeing Limited sister concern of Far Group, has started partial operation of its new spinning plant at Gazipur. On 30 June, ML Dyeing inaugurated its production formally. The production capacity of the new unit will be 20 tonnes of denim yarn per day. Initially, the company will use 50% capacity of the unit.
The new denim unit was built at a cost of Tk62.58 crore. The estimated annual turnover of the unit will be Tk80 core per year and will add a net profit of Tk13 crore
Currently, the company is engaged in the dyeing business of yarns for export-oriented sweater manufacturers
The demand for yarn has greatly increased in the last few months. We cannot meet the demand of buyers. So, the management has a plan to expand the spinning business in the future,said Mohammad Humayun Kobir, Director of marketing at ML Dyeing Ltd
ML Dyeing entered the stock market in 2018. It was the third company of Far Group to be listed on the stock market. The other two companies are RN Spinning and Far Chemical Industries.