Deshbandhu Textile Mills will invest $53.77 million or Tk 435 crore to set up a garment factory at the Uttara Export Processing Zone in Nilphamari.

Deshbandhu struck an agreement with the Bangladesh Export Processing Zones Authority (BEPZA) in this regard on Sunday, said a statement of the BEPZA.

Zillur Rahman, member of the BEPZA, and Sarwar Jahan Talukder, an adviser to Deshbandhu Textile Mills, signed the agreement at the BEPZA office in Dhaka.

The factory will produce 27.6 million pieces of denim and woven trousers a year and create 3,713 new jobs.

Golam Mostafa, chairman of Deshbandhu Group, was present at the deal signing ceremony.