Eight banks to lend Tk 1.20 billion
Wednesday, 14 April 2010
FE Report
The Bashundhara Industrial Complex Limited (BICL) has entered an agreement with Bank Asia as the lead arranger and seven of its consortium member banks for establishing a giant cement mill at a cost of Tk 1.20 billion.
The cement mill with installed capacity of producing approximately a million metric tons a year is being set up at Madanganj on the bank of the river Shitalakha in Narayanganj under the latest enterprise development scheme. The complex is being set up on an area of 12.5 acres of land.
The Bank Asia to lend Taka 200 million, Jamuna Bank Limited Taka 200 million, Standard Bank Limited Taka 100 million, International Finance and Investment Company Limited (IFIC) Taka 200 million, Social Islami Bank Limited (SIBL) Taka 250 million, Dutch-Bangla Bank Limited (DBBL) Taka 100 million, Bangladesh Commerce Bank Limited (BCBL) Taka 80 million and Saudi- Bangladesh Industrial and Agricultural Investment Company Limited (SABINCO) Taka 70 million as the consortium members.
Chairman of Bashundhara Group Mr. Ahmed Akbar Sobhan and Managing Director of the Bank Asia Mr. Erfanuddin Ahmed signed the agreement in favor of their respective entities at a function that took place at a city hotel Monday.
Additional Managing Director of the Bashundhara Group Mr. Safwan Sobhan, Senior Deputy Managing Director of the BG Mr. Belayet Hossain, Advisor (Press & Media) Mr. Mohammad Abu Tayeb, Executive Director Mr. M Fakhruddin and Senior General Manager (Commercial) Mr. Shawkat Akbar and representatives from the consortium member banks, senior bankers among others joined the agreement signing ceremony.
The Madanganj project has been planned and subsequently taken up for quick implementation at the back of ever increasing demands of quality cement in the middle and southeastern region of the country.
The "King Brand Cement" of the Meghna Cement Mills Limited, an enterprise of the Bashundhara Group, is long been the most consumer chosen brand in the northern region of the country.
The enterprise is often facing hurdle to address the fast growing demands of cement alone in the southwestern region of the country.
The project is being implemented at an estimated cost of Taka 1200 million. More investment in the project is likely in the expansion and modernization phases to be taken up later on.
The BICL is likely to generate 12000 direct and indirect employments and help save smart amount of foreign exchange by cutting cement import to a large extent. The project is to play a significant role in the overall improvement of infrastructure.
The Bashundhara Industrial Complex Limited (BICL) has entered an agreement with Bank Asia as the lead arranger and seven of its consortium member banks for establishing a giant cement mill at a cost of Tk 1.20 billion.
The cement mill with installed capacity of producing approximately a million metric tons a year is being set up at Madanganj on the bank of the river Shitalakha in Narayanganj under the latest enterprise development scheme. The complex is being set up on an area of 12.5 acres of land.
The Bank Asia to lend Taka 200 million, Jamuna Bank Limited Taka 200 million, Standard Bank Limited Taka 100 million, International Finance and Investment Company Limited (IFIC) Taka 200 million, Social Islami Bank Limited (SIBL) Taka 250 million, Dutch-Bangla Bank Limited (DBBL) Taka 100 million, Bangladesh Commerce Bank Limited (BCBL) Taka 80 million and Saudi- Bangladesh Industrial and Agricultural Investment Company Limited (SABINCO) Taka 70 million as the consortium members.
Chairman of Bashundhara Group Mr. Ahmed Akbar Sobhan and Managing Director of the Bank Asia Mr. Erfanuddin Ahmed signed the agreement in favor of their respective entities at a function that took place at a city hotel Monday.
Additional Managing Director of the Bashundhara Group Mr. Safwan Sobhan, Senior Deputy Managing Director of the BG Mr. Belayet Hossain, Advisor (Press & Media) Mr. Mohammad Abu Tayeb, Executive Director Mr. M Fakhruddin and Senior General Manager (Commercial) Mr. Shawkat Akbar and representatives from the consortium member banks, senior bankers among others joined the agreement signing ceremony.
The Madanganj project has been planned and subsequently taken up for quick implementation at the back of ever increasing demands of quality cement in the middle and southeastern region of the country.
The "King Brand Cement" of the Meghna Cement Mills Limited, an enterprise of the Bashundhara Group, is long been the most consumer chosen brand in the northern region of the country.
The enterprise is often facing hurdle to address the fast growing demands of cement alone in the southwestern region of the country.
The project is being implemented at an estimated cost of Taka 1200 million. More investment in the project is likely in the expansion and modernization phases to be taken up later on.
The BICL is likely to generate 12000 direct and indirect employments and help save smart amount of foreign exchange by cutting cement import to a large extent. The project is to play a significant role in the overall improvement of infrastructure.