Bengaluru-based India’ leading apparel exporter Gokaldas Exports will also open its first international factory in Bangladesh to produce ready-made garments.
Some of the leading Indian exporters like Shahi Exports, Pearl Global Group (PDS International), Jay Jay Mills, TCNS, Ambattur Clothing etc., already have already their operations in Bangladesh.
Low labour cost and duty advantages are the major factors attracting Indian companies to invest in Bangladesh.
The Hindu Business Line quoted Sivaramakrishnan Ganapathi, Executive Vice Chairman and MD Gokaldas Exports stating that their Bangladesh unit is expected to start by the end of FY ’24.
The company is also expanding in India. As per the investor presentation of the company, it will invest Rs. 280 crore in next two years and also work on new manufacturing facilities in Madhya Pradesh, Tamil Nadu.
Apparel Resources had reported last year about the company’s MP unit.
Also Read: Gokaldas Exports to start a factory in MP
The new units will add an extra five million pieces annually to the company’s existing yearly production capacity of 30 million pieces.
In last one-and-a-half years, the company has invested around Rs. 135 crore in various new initiatives like expansion and upgradation.
Currently, the company operates 19 manufacturing units.
Its Madhya Pradesh facility spread over 10 acres is being developed in two phases with the first one to be operational by the first quarter of FY ’24. The unit is expected to generate revenues of Rs. 150-200 crore.
While in Tamil Nadu, the company is investing Rs. 100 crore in the construction of a fabric processing facility and it would manufacture 20 tonnes of fabric per day and would be commissioned by Q1 of FY ’24.
Also Read: Gokaldas Exports profit increases by 60 %, inducts new directors
