Rising Group to set up spinning mill
Star Business Report
Rising Group, a leading apparel manufacturer, yesterday signed a syndicated term loan agreement with six local private banks to set up a spinning mill with a daily production capacity of 20 tonnes yarn.Under the deal, the Group will get Tk 48 crore credit facility from six private banks to set up Rising Spinning Mills. Mercantile Bank Ltd is the leading banker for extending the syndicated loan facility to establish the plant at Saturia in Manikganj. Shah Md Nurul Alam, managing director and chief executive officer of Mercantile Bank Ltd, M Ehsanul Haque, CEO of Brac Bank, Ali Reza Iftekhar, deputy managing director of Eastern Bank, M Hyder Ali Miah, executive vice president of Exim Bank, Iqbal Ahmed, CEO of The Trust Bank, M A Halim, deputy managing director of Uttara Bank, and Mahmud Hasan Khan, MD of Rising Group, signed the agreement on behalf of their organisations at a function in Dhaka . Speaking as chief guest at the function, State Minister for Energy and Mineral Recourses AKM Mosharraf Hossain said "Rising Spinning Mills will help sustain our industrial growth side by side producing yarn as a backward linkage industry". "We have six business units in the apparel sector where 4800 workers are engaged. More 600 people will get employment once our Rising Spinning Mills is established", said Mahmud Hasan Khan, managing director of Rising Group.
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