Epic Group (Hong Kong) has won the important backing of the International Finance Corporation (IFC) through a $100 million debt financing package. This funding will support Epic Group’s expansion in Bangladesh and the construction of a new manufacturing facility in India. Additionally, Epic Group will use the proceeds to upgrade its washing and wastewater treatment plant and to invest in technology and equipment that will reduce energy and water use in Bangladesh, per the IFC.
Additionally, Epic Group will use the proceeds to upgrade its washing and wastewater treatment plant and to invest in technology and equipment that will reduce energy and water use in Bangladesh.
“The IFC covenants will help us to discipline our company as we continue to grow. Our goal is to hit our growth target, without compromising our commitments to sustainability.”
- Ranjan Mahtani, Executive Chairman, Epic Group
Supporting Sustainability – and Staff
In addition to financing the move to more sustainable production, the IFC loan will support greater inclusiveness.
“The funding plays a key role in supporting the local well-being across our factories globally and improving our gender balance in management, especially on the factory floor by creating avenues of career progression for our female associates,” said Ranjan Mahtani, Executive Chairman, Epic Group.
Future Forward
“What attracted us to Epic was the fact that the management had a vision about the future, which was not just to produce garments in a very competitive manner, but to do it in a sustainable way and to make it inclusive.
“Epic’s presence in multiple countries including India, Bangladesh, Ethiopia, and Jordan, show us that we are working with a company which clearly understands how the market will evolve from a qualitative and quantitative viewpoint,” said Riccardo Puliti, IFC Vice President, Asia and the Pacific.
“The IFC covenants will help us to discipline our company as we continue to grow. Our goal is to hit our growth target, without compromising our commitments to sustainability,” said Mr. Mahtani.
“The future is going to be where buyers in advanced economies will not only have to buy at competitive prices, but also they will have to source sustainable products. I think that the importance of a project like this is to further support Epic’s vision to be among the very first to reach these key sustainability targets,” said Mr. Puliti.
