Mittal experts arrive in city soon on exploratory mission

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FE Report
A team of experts from the Global Steel Holding Ltd (GSHL), a subsidiary of the UK-based Mittal Group, will arrive soon in the city for carrying out a feasibility study on its investment worth $2.9 billion in Bangladesh.
"The team, comprising ten experts from the company's London and Dubai offices, will arrive by the second week of this month," Golam Rabbani Helal, local agent of the GSHL and managing director of GRH Bangladesh Ltd, told the FE Friday.
He said the GSHL team will stay in the country for ten days to conduct the study on the areas of potential investment.
The Mittal group June 11 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, liquefied natural gas (LNG) production and other infrastructure projects in Bangladesh.
Of the total investment plan, an estimated $300 million will be spent on coal mine development, $100 million on oil exploration and production, $500 million on power plant, $1.50 billion on petrochemicals, and $500 million on LNG production and other infrastructure projects.
When asked, the local agent of the company said after the feasibility study the GSHL will submit a concrete proposal for investment in the country.
During the visit, he said, the expert team is expected to meet senior government officials.
However, 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.
The company first intimated the BoI April 18 to invest $1.6 billion through an expression of interest (EoI) but it revised the proposal twice to $ 2.9 billion.