Signing of MoU with GSHL tomorrow
Sunday, 10 June 2007
Naim-Ul-Karim
Global Steel Holding Ltd (GSHL), a subsidiary of UK-based Mittal Group, will sign an initial memorandum of understanding (MoU) with the government Monday (tomorrow) for investment of US$2.8 billion in petrochemical, coal, steel and power projects in Bangladesh, said sources.
The company has an ultimate investment plan of over $ 5.0 billion in Bangladesh.
Lt Col (Retd) Kamal Ahmad, chief executive officer of GRH Bangladesh Ltd and also local agent of the company, said: "Though Mittal is signing the initial MoU for investment worth $2.8 billion, the company's ultimate investment will be over $5.0 billion in the country in the long run."
"A five-member delegation, headed by Vinod Mittal, managing director of GSHL, will arrive in the city today (Sunday) and sign an initial MoU (tomorrow) Monday for investment of $ 2.8 billion in the country," Ahmad told the FE Saturday.
He further said the company will be able to know the exact amount of investment only after a survey of the projects where it intends to invest.
Sources said Md Nazrul Islam, executive chairman of the BoI, and Vinod Mittal, managing director of GSHL and also a brother of Mittal Group's chairperson Lakshmi Mittal, will sign the initial MoU on behalf of the respective sides.
However, the BoI in a letter June 5 invited the company to visit Bangladesh for further discussion and signing of the initial MoU, they said.
Sources said the company submitted an Expression of Interest (EoI) to the BoI (Board of Investment) and ministries concerned of Bangladesh in this connection April 18.
The BoI sources said the company had first intimated the BoI to invest $1.6 billion through the EoI, but it later revised the amount of investment at $2.8 billion.
They said during the two-day visit the delegation is expected to call on president professor Iajuddin Ahmed and chief adviser Fakhruddin Ahmed.
The GSHL, based in UAE, manages steel plants with annual production capacity of 14 million tonnes in many countries across Europe, Africa and the Asia Pacific, besides India.
Global Steel Holding Ltd (GSHL), a subsidiary of UK-based Mittal Group, will sign an initial memorandum of understanding (MoU) with the government Monday (tomorrow) for investment of US$2.8 billion in petrochemical, coal, steel and power projects in Bangladesh, said sources.
The company has an ultimate investment plan of over $ 5.0 billion in Bangladesh.
Lt Col (Retd) Kamal Ahmad, chief executive officer of GRH Bangladesh Ltd and also local agent of the company, said: "Though Mittal is signing the initial MoU for investment worth $2.8 billion, the company's ultimate investment will be over $5.0 billion in the country in the long run."
"A five-member delegation, headed by Vinod Mittal, managing director of GSHL, will arrive in the city today (Sunday) and sign an initial MoU (tomorrow) Monday for investment of $ 2.8 billion in the country," Ahmad told the FE Saturday.
He further said the company will be able to know the exact amount of investment only after a survey of the projects where it intends to invest.
Sources said Md Nazrul Islam, executive chairman of the BoI, and Vinod Mittal, managing director of GSHL and also a brother of Mittal Group's chairperson Lakshmi Mittal, will sign the initial MoU on behalf of the respective sides.
However, the BoI in a letter June 5 invited the company to visit Bangladesh for further discussion and signing of the initial MoU, they said.
Sources said the company submitted an Expression of Interest (EoI) to the BoI (Board of Investment) and ministries concerned of Bangladesh in this connection April 18.
The BoI sources said the company had first intimated the BoI to invest $1.6 billion through the EoI, but it later revised the amount of investment at $2.8 billion.
They said during the two-day visit the delegation is expected to call on president professor Iajuddin Ahmed and chief adviser Fakhruddin Ahmed.
The GSHL, based in UAE, manages steel plants with annual production capacity of 14 million tonnes in many countries across Europe, Africa and the Asia Pacific, besides India.