Photo: Solar panel installation at a Pratibha Syntex Limited facility. Image by Nitya Work
AMSTERDAM – The Good Fashion Fund, the Fashion for Good and Laudes Foundation initiated fund to drive sustainable manufacturing practices, signed its first deal with Indian manufacturer Pratibha Syntex Limited in 2020 for a 4.5 million US dollar, long-term loan. With the final disbursement of the loan made in June of this year, and the first on-site monitoring visit this week, the investment is already showing fruitful results and positive financial, environmental and social impact in Pratibha’s spinning, processing and garmenting divisions.
The USD 4.5 million investment committed by the Good Fashion Fund to Pratibha Syntex is to replace machinery in the spinning, processing, and garmenting divisions, as well as provide new equipment for the expansion of their activities and facilities.
“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. We’re extremely pleased with the partnership and excited to continue on our journey for positive impact.” – Shreyaskar Chaudhary, Managing Director, Pratibha Syntex Limited.
This week, the first on-site monitoring visit took place in which the Good Fashion Fund was supported by its advisors Sphera, Fairwear Foundation, Global CAD and Adelphi to be able to establish progress made since the investment. As expected, the impact results of the equipment comfortably surpass the threshold of 50% savings in all key areas (specifically the three Goods: Energy, Water and Materials). All parties were impressed with the progress made on the environmental and social action items and particularly with the roadmap developed by Pratibha Syntex Limited for further improvements as part of their vision 2025 and beyond.
Left to right; Ms Ankita Saxena (Pratibha Syntex Limited), Mr. Mukesh Matta (Pratibha Syntex Limited), Gemma Verhoeven (Good Fashion Fund), Bernadette Blom (Good Fashion Fund), Ms. Nina Retzlaff (Global CAD), Mr. Sameer Bhand (Pratibha Syntex Limited), Mr. Mrinal Bose (Pratibha Syntex Limited). Image by Nitya Work
