Mittal Group to invest $ 2.9 bn in Bangladesh

Jun 12, 2007 02:00 AM

The UK-based Indian industrial giant Mittal Group signed a Memorandum of Understanding (MoU) with the Board of Investment (BoI) to invest $ 2.9 bn in Bangladesh.
Global Oil and Energy Ltd., a subsidiary of Mittal Group, proposed to invest $ 1.5 bn in petrochemical, $ 500 mm in power generation, $ 300 mm in coal mines development, $ 100 mm in oil exploration and production, and $ 500 mm in NGL/LNG production and other infrastructure projects.

As per the MoU, the country’s principal investment promotion agency BoI will facilitate the Global Oil and Energy Ltd (GOEL) in conducting the necessary feasibility on the proposed projects. GOEL is the offshore investment arm of India’s Ispat Industries, owned by Promod and Vinod K. Mittal, kin of steel magnate Laxmi N. Mittal.
Managing Director of Global Oil and Energy of Mittal Group Vinod Mittal and BoI Executive Chairman Nazrul Islam signed the MoU on behalf of their respective sides at a function. Mittal Groups local agent GRH chairman Syed G. Dastagir Nishad and managing director Golam Rabbani Helal were present at the function.

After signing the agreement, Vinod K. Mittal told that his company would start a feasibility study within three months to materialise the investment offer. He said the group’s main focus would be on coal and energy.
BoI chief Nazrul Islam hoped that they would be able to successfully deal with the investment proposal from Mittal Group. He said Mittal’s investment proposal is not complex like that of another Indian industrial giant Tata Group. Earlier, Vinod K. Mittal called on President Professor Dr Iajuddin Ahmed, Chief Adviser Dr Fakhruddin Ahmed, Army Chief General Moeen U. Ahmed and other top policymakers of the caretaker government.

The high level delegation of the Mittal Group, led by Vinod K. Mittal, arrived at the airport. 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. We may invest more than $ 3 bn in different sectors, mainly power and energy, V.K. Mittal told.

The Mittal Group is one of the largest business conglomerates in India and the UK with $ 28 bn investment in 27 countries of Europe, Asia, Africa and America. Its chairman Lakshmi Mittal is the fifth richest man in the world and first in Asia.
After the Indian industrial giant Tata Group's $ 3 bn investment offer, this is the second largest investment offer from the UK-based Indian giant.

Source: Asia Pulse Pte Ltd.
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