Mittal Group's MD in city with $3b investment proposal
Monday, 11 June 2007
A high-level delegation of the Mittal Group, led by its Managing Director VK Mittal, arrived in the city Sunday with more than US$ 3.0 billion investment proposal, reports UNB
"We want to be a development partner in Bangladesh. We find the atmosphere now investment-friendly and we may invest more than three billion dollars in different sectors, mainly power and energy," VK Mittal told reporters on arrival at the airport.
The UK based Indian industrial giant is scheduled to sign an MOU with the Board of Investment (BOI) today (Monday), officials who received the delegation said.
It plans to invest in energy, power generation, coal mine development, and production of ethylene dichloride, caustic soda, LPG (C3) LPG (C4) and hydrogen.
After the Indian industrial giant Tata Group's US$ 3 billion investment offer, this will be the second largest investment offer from an UK-based Indian giant.
The Mittal Group is one of the largest business conglomerates in India and United Kingdom (UK) with US$ 28 billion investment in 27 countries of Europe, Asia, Africa and America.
Its chairman Lakshmi Mittal is the fifth richest man in UK and first of Asia.
The Group has already expressed its keen interest in investing in different sectors in Bangladesh through its local agent GRH Bangladesh Limited, which has arranged the visit of the delegation.
GRH chairman Syed G Dastagir Nishad, told the news agencies that they have identified the areas of investment. Energy sector, particularly exploration of gas and power generation, will get top priority.
He said the Mittal Group is set to sign a memorandum of understanding (MoU) with the Board of Investment (BoI) seeking to materialise its investment plan and explore businesses in Bangladesh.
VK Mittal is expected to call on President Iajuddin Ahmed, Chief Adviser Fakhruddin Ahmed, Army Chief General Moeen U Ahmed, Energy Adviser Tapan Chowdhury and some influential policymakers of the government before leaving for India tomorrow.
The delegation included Javed Pasha, a director of the group and former minister of Pakistan.
"We want to be a development partner in Bangladesh. We find the atmosphere now investment-friendly and we may invest more than three billion dollars in different sectors, mainly power and energy," VK Mittal told reporters on arrival at the airport.
The UK based Indian industrial giant is scheduled to sign an MOU with the Board of Investment (BOI) today (Monday), officials who received the delegation said.
It plans to invest in energy, power generation, coal mine development, and production of ethylene dichloride, caustic soda, LPG (C3) LPG (C4) and hydrogen.
After the Indian industrial giant Tata Group's US$ 3 billion investment offer, this will be the second largest investment offer from an UK-based Indian giant.
The Mittal Group is one of the largest business conglomerates in India and United Kingdom (UK) with US$ 28 billion investment in 27 countries of Europe, Asia, Africa and America.
Its chairman Lakshmi Mittal is the fifth richest man in UK and first of Asia.
The Group has already expressed its keen interest in investing in different sectors in Bangladesh through its local agent GRH Bangladesh Limited, which has arranged the visit of the delegation.
GRH chairman Syed G Dastagir Nishad, told the news agencies that they have identified the areas of investment. Energy sector, particularly exploration of gas and power generation, will get top priority.
He said the Mittal Group is set to sign a memorandum of understanding (MoU) with the Board of Investment (BoI) seeking to materialise its investment plan and explore businesses in Bangladesh.
VK Mittal is expected to call on President Iajuddin Ahmed, Chief Adviser Fakhruddin Ahmed, Army Chief General Moeen U Ahmed, Energy Adviser Tapan Chowdhury and some influential policymakers of the government before leaving for India tomorrow.
The delegation included Javed Pasha, a director of the group and former minister of Pakistan.