Giant Group, a local export-oriented readymade garment company, is going to set up a composite factory at an investment of Tk 100 crore next year, its managing director Faruque Hassan said yesterday.

Ali Reza Iftekhar, managing director and CEO of Eastern Bank Limited, the lead arranger of a Tk 70 crore loan for the company, formally inaugurated the ground-breaking ceremony on the factory premises at Baniarchala of Maona of Bhabanipur area under Gazipur district Thursday.

The group eyes the factory's formal operation within next April with 20,000 knitting capacity per day in the first phase, Hassan said.

When it goes into full-fledged production by September next, it will be able to manufacture 50,000 pieces of woven garment a day, the company's MD said.

"I'll set up some modern eco-friendly machines to make high level garment items for the brands like Nike, Tesco and Next," he said.

As many as 5,000 workers will be employed in the factory after it becomes fully operational.

Giant exported garments worth $20 million last year.