Bashundhara Group to set up food industries in N'ganj

FE Report
Bashundhara Group (BG) has got Tk 2.0 billion syndicated term loan to set up food and beverage industries on the bank of the Buriganga at Pangaon in Narayanganj.
A signing ceremony regarding the loan deal was held at a city hotel Sunday.
BG Chairman Ahmed Akbar Sobhan and Agrani Bank Limited Managing Director Syed Abdul Hamid signed the agreement on behalf of their respective organisations.
Agrani Bank, as the lead arranger, will lend BG Tk 720 million for the mega project, while its consortium members will provide the rest of the fund on soft terms and conditions.
Among the members, Pubali Bank Limited will give Tk 300 million, Rupali Bank Limited Tk 300 million, National Credit and Commerce Bank Limited Tk 200 million, Dhaka Bank Limited Tk 200 million, Arab Bangladesh Bank Limited Tk 100 million, Bangladesh Commerce Bank Limited Tk 80 million, and Saudi-Bangladesh Industrial and Agricultural Investment Company Limited Tk 100 million.
The proposed project is expected to generate 12,000 direct and indirect employments and stabilise the country's consumer product market.
On the occasion, the BG Chairman praised the investment-friendly environment prevailing in the country, and said people will get Bashundhara foods at fair prices. Besides, the project will play a significant role in overall infrastructural development of the area.
He also said Bashundhara Group will take more initiatives to solve the country's unemployment problem and develop the national economy.
BG chief adviser Mahaboob Morshed Hassan, senior deputy managing director Belayet Hossain, deputy managing director Mustafizur Rahman, and adviser (press and media) Mohammad Abu Tayeb along with representatives from the consortium member banks were also present in the agreement signing ceremony.