Muscat Thread Mills Company is planning to set up a production unit in Bangladesh as a part of its production expansion plan, according to a statement submitted by to the Muscat Securities Market (MSM).
The decision was taken by the company’s Board of Directors who considered the prospects of expanding in the South Asian country of Bangladesh by setting up a unit there.
The company said Bangladesh is one of the world’s fastest growing markets in the garment sector, and after due deliberation, the Board of Directors have decided to pursue with the plan of setting up a production facility in Bangladesh.
The new unit proposed to be set up in Bangladesh would be of the same size as the firm’s Muscat- based facility. The company Board has also appointed an independent consultant to carry out a feasibility study on the said expansion.
The company based in Rusayl, a village in Muscat in north-eastern Oman, engages in production and marketing of sewing thread.
Fibre2fashion News Desk - India