Adani Wilmar, a joint venture of India and Singapore, will set up an agro-based industry on 100 acres of land in Bangabandhu Sheikh Mujib Industrial City in Chittagong region.
To this effect, the business conglomerates on Monday signed a land lease agreement with the Bangladesh Economic Zones Authority (BEZA), a statement said.
BEZA Executive Member Mohammed Ayub and Adani Wilmar's representative Inam Ahmed signed the agreement on behalf of their respective sides at a ceremony held at the authority's headquarters in the capital.
BEZA Executive Chairman Paban Chowdhury presided over the signing ceremony.
According to the statement, Adani Wilmar will invest US$400 million in the project which will create employment for 3,500 people.
The joint venture is operating agro-based manufacturing industries in Bangladesh under the name of Bangladesh Edible Oil Ltd.
Speaking on the occasion, Paban Chowdhury said there will be quality agro-processed food in the country when the project comes into reality.
"The country's people will also benefit from the industry."
He also said three companies including a Chinese agency have already started setting up their factories in Mirsarai Economic Zone.
"Entrepreneurs from home and abroad are showing their interest to invest in economic zones (EZs)," said Mr Chowdhury.
BEZA established a land bank from which investors can avail lands as per their requirements to establish EZs, he added.
Besides, the BEZA chief said, state-owned EZs with support of government agencies concerned are offering utility services such as water, gas and electricity to the investors within a short time to ensure an investor-friendly atmosphere.
Mirsarai Economic Zone is a part of Bangabandhu Sheikh Mujib Industrial City spreading on 30,000 acres of land in Chattogram's Mrisarai and Sitakundu and Feni's Sonagazi upazila.