Italy-based textile group Miroglio's Bulgarian unit will spend BGN74m (US$48.40m) on a new factory, according to the Bulgarian investment agency.

Miroglio Bulgaria is to set up a spinning and dyeing base with a purifying unit in Yambol, southeastern Bulgaria, opening up 529 jobs.

"The new factory will be at a high technological level, and the production process will be highly computerised", said the agency,

Miroglio already has five factories in Bulgaria, which it has invested BGN180m into since 1999.