GHAZIPUR, BANGLADESH (Jan. 26, 12:30 p.m. ET) — Meghna Group has set up a plastic hanger making joint venture with Italy's Mainetti Group.
The joint-venture, Meghna Mainetti Ltd., has the capacity to manufacture about 6.5 million plastic hangers per month.
“The Meghna Group invested $ 1 million in the venture in the $5 million project. The rest of the investment is financed by the banks,” said Md Mizanur Rahman, chairman of Meghna Group.
The firm will serve the large textile sector in Bangladesh.
“We are indirectly exporting the plastic hangers along with the apparels designed in Europe but manufactured in Bangladesh,” Rahman said.
The plant was set up in Meghna Group's export-oriented bicycle unit, Uniglory Bicycles Ltd., in Ghazipur, Bangladesh.
“We have imported 15 injection molding machines from Taiwan for the plastic hanger plant,” Rahman said. The plant started production in July.