B Mirror Report : Modern Syntex will invest $7.5 million in 3.75 acres of land to expand its High Value Polyester Yarn production. The company has signed an agreement with the Bangladesh Economic Zones Authority (BEZA) to lease land in the National Special Economic Zone (NSEZ) at Mirsarai of Chittagong.

Modern Syntex Limited is a continuous melt-to-yarn and melt-to-fiber project. Established with world-renowned technology from Oerlikon, Germany. First-ever of its kind in Bangladesh, the first phase of the project went into operation with 225 tons per day capacity of Polyester Staple Fiber (PSF), 100 tons of Draw Textured Yarn (DTY), 27 tons of Fully Drawn Yarn (FDY), and 108 tons of Polyethylene Terephthalate Granules. Due to the increasing demand for synthetic yarns in the domestic and international markets, the company is expanding its production capacity.

At the agreement signing ceremony on April 15, BEZA Executive Member (Investment Development) Mr. Saleh Ahmed said that Modern Syntex is reducing import dependency in Bangladesh. He said that BEZA will continue to provide all necessary support for setting up industries by ensuring an investment-friendly environment.

Abu Sufian Chowdhury, Managing Director of Modern Syntex, said that they have received BEZA’s cooperation in setting up modern, technology-based, and environment-friendly industries before. This time, they are working on the rapid expansion of the industry.

Saleh Ahmed signed the lease agreement on behalf of BEZA, and Abu Sufian Chowdhury signed on behalf of Modern Syntex.

Modern Syntex is an industrial unit of TK Group. After its establishment in 1972, the company has become one of the leading conglomerates in the consumer goods world of Bangladesh. The group has investments in edible oil, steel galvanizing, particle board, tea, textiles, food items, container and packaging, paper industry, shipbuilding, etc.

TK Group, which previously leased land in NSEZ for Modern Syntex and Samuda Food Products.

About 15 industrial enterprises are already operating production activities in the National Special Economic Zone and about 20 industrial enterprises are under construction. In this largest planned industrial zone of the country, which is built on a 25-kilometer stretch of the seashore, all the facilities of the urban system are being coordinated in addition to industrial enterprises.