Revival, a Japan–Bangladesh ethical fashion venture, and Ecomilli, a US-based platform of expatriate Bangladeshi professionals, have called on Janata Bank to reconsider its decision to sell the immovable assets and machinery of Beximco Textile.
The two organisations said in a press release that the factory represents a national industrial legacy built by more than one lakh shareholders and decades of labour.
They said Beximco Textile is not a privately owned enterprise and that any sale must be transparent, professionally reviewed, and protective of workers’ and shareholders’ interests.
The statement said the organisations were shocked to learn that the bank moved towards a sudden auction despite ongoing discussions on a short-term lease aimed at reviving the factory.
Once considered a major industrial hub, the factory closed after falling into a debt crisis.
Revival and Ecomilli said they had advanced a recovery plan to reopen the facility and restore livelihoods for nearly 40,000 workers, employees, and officials.
The closure, they said, has already disrupted the economic ecosystem of Kashimpur, where about three lakh people rely directly or indirectly on the factory.
The two organisations said they developed a revival proposal following discussions with the Ministry of Labour, the Ministry of Finance, the Financial Institutions Division, Bangladesh Bank, and the Bangladesh Investment Development Authority.
Residents of surrounding areas, workers’ families, shopkeepers, and small businesses have expressed hope that the factory would resume operations, they said.
The organisations said Janata Bank’s decision to sell the factory’s machinery within a week risks reducing fair asset value and may raise questions about the auction process at home and abroad.
They said the rushed sale also overlooks the lives and livelihoods tied to the industry.
According to the statement, Beximco Textile is valued at about $5 billion and reflects the investment of more than 100,000 shareholders and the long-standing efforts of its workforce.
Any decision excluding these stakeholders, they said, could damage the sector’s long-term stability.
Revival and Ecomilli said they submitted a transparent lease proposal based on meetings held on 22 July, 21 August, and 10 September.
The plan involved a short-term lease of two and a half years with a 1.5% minimum service charge to restart production and stabilise operations, they said.
During this lease period, the statement said, the government and Janata Bank would retain full authority to sell the factory through a lawful and transparent process, and a running factory would naturally command a higher value.
The organisations said expatriate Bangladeshi professionals are prepared to contribute skills, capital, and experience to revive the factory and develop a sustainable, research-driven business model in line with global standards.
Revival and Ecomilli said they believe Beximco Textile can regain its position as a major pillar of industrial growth if the government, the bank, workers, shareholders, and industry experts work together.
