It will set up the plants on a 100-acre piece of land in the industrial city and is eager to invest $400 million, officials said after the signing of the deal in Dhaka on Monday.

Enam Ahmed, general manager, Bangladesh Edible Oil Limited or BEOL, a concern of Adani Wilmar, and BEZA Executive Member Mohammad Aiyub penned the deal.

BEZA will lease the land to Adani Wailmar for six years.

Adani Wilmar Limited or AWL is a joint venture incorporated in 1999 between India’s Adani Group, the leaders in private infrastructure, and Wilmar International Limited, Singapore, Asia’s leading agri business group.

BEZA Executive Chairman Paban Chowdhury said the process to lease the land to the group started after it expressed an interest during a meeting between Prime Minister Sheikh Hasina and businesses in Singapore during her visit to the city state in March last year.

The group initially applied for 50-acre land but later doubled its demand, he said.

BEOL’s Enam said they would start developing the land within the next six months and begin production within three years.

The products will include rice, lentil, wheat, flour, and edible oil, according to Enam.

The company said the joint venture was eager to invest $400 million in food and agro business. The plants will create 3,500 jobs once the industrial park is set up.

Enam said they were considering exporting the products to the neighbouring states of India and other countries in South Asia.

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