Daesung Group, a medium scale South Korean business group is starting a fund that will invest in textile companies.
This is going to be the first investment fund of its kind in the nation with a view to reviving sector.
Binext Capital Corp has formed a 10 billion won (US $10.4 million) fund which will be operational for the next seven years.
The company has promised to give investors the maximum returns by funding textile and garment companies in the areas of high-end technology and marketing ability.
Three billion won has been contributed to the fund by Binext Capital itself while Government-owned investment company, Korea Ventures Investment Corp has provided another three billion.
On the other hand, Korea Development Bank and Korean Federation of Textile Industries made the contribution of 2.5 billion and 1.5 billion won respectively, informed the Daesung Group.
The group intends to invest the fund in companies with high growth prospective with over 60 percent of the fund kept aside for the manufacturers of cutting-edge textiles.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
