Mittal Grp proposes $1 bln Bangladesh investment

Dhaka, June 11: The Mittal Group, one of the largest business conglomerates in India and Britain, plans to invest more than $1 billion in Bangladesh, officials said on Monday.

A delegation of the Mittal Group led by its managing director Vinod K. Mittal arrived here on Sunday night to sign a memorandum of understanding on the proposed investment, said Nazrul Islam, executive chairman of Bangladesh's state-run Board of Investment (BOI).

''This is their preliminary proposal, which may later be increased substantially,'' he told reporters after a meeting with Mittal and his team.

''We have come here to see the opportunity and to sign a deal for investment in power and energy sector,'' Vinod told reporters after arriving Dhaka.

The company plans to invest initially in gas exploration and in the liquefied petroleum gas sector, the BOI chief said.

''The Group will invest another more than $1 billion after the successful completion of these projects,'' Nazrul said.

Vinod said his firm was also interested to invest in power, steel and coal-mining sectors.

''After signing the MOU, they will begin a feasibility study on the investment,'' he said.

The Mittal Group has investments in 27 countries in Europe, Asia, Africa and America.

Bangladesh has yet to finalise a $3 billion investment offer by India's Tata group, in energy, fertiliser and steel projects.

Reuters