BoI, Mittal sign MoU on $2.9b investment plan

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FE Report
The UK-based Mittal group Monday signed a memorandum of understanding (MoU) with the government proposing to invest about $2.9 billion in coal mine development, oil exploration and production, power plant, petrochemicals, NGL/LNG production and other infrastructure projects in Bangladesh.
Md Nazrul Islam, the executive chairman of the Board of Investment (BoI), and Vinod K Mittal, managing director of the Global Oil and Energy Ltd, a subsidiary of Mittal Group, signed the MoU on behalf of the respective sides in Hotel Pan Pacific Sonargaon in the city.
Of the total investment plan, an estimated $300 million will be spent for coal mine development, $100 million for oil exploration and production, $500 million for power plant, $1.50 billion for petrochemicals, and $500 million for NGL/LNG production and other infrastructure projects.
Touhid Hossain, acting foreign secretary, Javed Pasha, director of the Mittal group and former minister of Pakistan, and Khaled Hossain, president of the Dhaka Chamber of Commerce and Industry (DCCI) were present at the signing ceremony.
Besides, Syed G Dastagir Nishad, chairman, Golam Rabbani Helal, managing director, and Lt Col (Retd) Kamal Ahmad, chief executive officer, of GRH Bangladesh Ltd, local agent of the Mittal group, were also present at the signing ceremony.
Briefing the newsmen after signing the MoU, Vinod K Mittal said they have already started work on the projects and expected to complete the feasibility study within the next three months.
"We want to be a development partner of Bangladesh," he said, adding " our investment may go beyond three billion dollars in different sectors."
When asked, VK Mittal said there is an investment-friendly environment in the country.
Replying to a question, Md Nazrul Islam, BoI executive chairman, said the investment offer of the company is not complicated like that of Tata's.
Earlier, the visiting delegation called on president professor Iajuddin Ahmed and Chief Adviser Fakhruddin Ahmed.
The delegation also met Energy Adviser Tapan Chowdhury during its day's visit to Dhaka and left the country Monday.
After the Indian industrial giant Tata' $ 3 billion investment offer, this is the second largest investment offer from an UK-based, another Indian giant.
The Mittal Group is one of the largest business conglomerates in India and the United Kingdom (UK) with $ 28 billion investment in 27 countries of Europe, Asia, Africa and America.