Good Fashion Fund signs contract with Pratibha Syntex - The Textile Magazine
Summary
The 4.5 million US dollar, long-term loan, will support Pratibha Syntexs planned capital expenditures for the replacement of machinery and expansion of sustainable equipment in their spinning, processing and garmenting divisions. The company employs over 6,000 persons, connects 35,000 farmers and apparel brands from over 20 countries, for whom they produce over 40 million garments annually. Apart from manufacturing cotton, fibres, fabrics and apparel, Pratibha Syntex is also engaged in social initiatives to generate employment for women in rural communities.With the capital provided by the Good Fashion Fund, Pratibha Syntex can invest in securing a sustainable future for our processes which will have positive, compounded effects along the value chain. Were extremely pleased with the partnership and excited to continue on our journey for positive impact said Shreyaskar Chaudhary, Managing Director, Pratibha Syntex Limited.The USD 4.5 million investment committed by the Good Fashion Fund will replace machinery in the spinning, processing, and garmenting divisions, as well as provide new equipment for the expansion of their activities and facilities. We are very excited partnering with Pratibha and were committed to driving positive change in the apparel value chain and look forward to concluding more investments with forward-thinking manufacturers, brands and technology companies in the region said Bob Assenberg, Fund Director, Good Fashion Fund.With a target size of USD 60 million, the fund provides long term USD funding to apparel and textile manufacturers in Asia, mainly in India, Bangladesh and Vietnam, to implement impact technologies.