Mittal Group to invest $2.8 bln in Bangladesh

Dhaka, June 10 (UNI) A high-level delegation of the Mittal Group led by its Managing Director V K Mittal arrived here this evening to formally place a 2.8 billion dollar investment offer in areas of power and energy to the nation's caretaker government.

A memorandum of understanding (MoU) is set to be signed with the government run Board of Investment (BoI) and the Mittal Group tomorrow seeking to materialise its investment plan in Bangladesh.

The Mittal Group is one of the largest business conglomerates in both India and the United Kingdom with 28 billion dollar investment in 27 countries across four continents Europe, Asia, Africa and America.

The Group has already expressed a keen interest to invest in different sectors, including energy and power, in Bangladesh through its local agent GRH Bangladesh Ltd.

The sectors include 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 three billion dollar investment offer, this will be the second largest investment offer from the UK-based Indian giant to invest in Bangladesh.

The investment in energy sector, particularly in gas exploration and power generation, would get top priority if the group is given a chance to invest in Bangladesh, GRH Ltd Chairman Syed G Dastagir Nishad told reporters.

V K Mittal, who leads the Global Oil and Energy of the Mittal Group is expected to call on President Iajuddin Ahmed, Chief Advisor Fakhruddin Ahmed, Army Chief General Moeen U Ahmed, Energy Advisor Tapan Chowdhury and some influential figures of the government.

The delegation was accompanied by the group's director for international business affairs Javed Pasha, a former minister of Pakistan.

After its merger with Europe's top steel manufacturer Arcelor, the Mittal Group's ArcelorMittal became the world's number one steel producer with 3,20,000 employees in more than 60 countries.

ArcelorMittal has led the consolidation of the world steel industry and today ranks as the only truly global steel maker with plants in 27 countries.

It is also a leader in all major global markets in varied fields, including automotive, construction, household appliances and packaging.

Its industrial presence in Europe, Asia, Africa and America gives the Group exposure to all the key steel markets, from emerging to mature.

ArcelorMittal key pro forma financials for 2006 show combined revenues of 88.6 billion dollars. Its production was equivalent to around 10 per cent of world steel output.

UNI