Envoy Textiles Limited announced that the Board of Directors has decided to set up spinning project expansion unit at existing factory premises in Jamirdia, Bhaluka, Mymensingh having a capacity of 3,710 MT cotton-polyester-spandex core-spun yarn production per year with an estimated total cost of BDT 1,761.90 million. Out of the total estimated cost of the project, BDT 561.90 million to be invested from the Company's retained earnings and remaining of BDT 1,200 million to be financed by bank borrowings. The debt-equity ratio is considered at nearly 32:68 98% of capacity assumed to be utilized. A production of around 60 to 70% to be consumed in-house for the denim production, and remaining is for deemed export market. The project is expected at a pay back of investment by 7 years. The project is scheduled to be completed by July 2022, subject to a usual business & health environment condition.