Mittal Group signs MoU with BoI to invest $2.9 bln in Bangladesh

Dhaka, Jun 11 (UNI) The UK-based Indian industrial giant Mittal Group today signed a memorandum of understanding (MoU) with Board of Investment (BoI) to invest 2.9 billion dollars in Bangladesh.

Global Oil and Energy Ltd, a subsidiary of Mittal Group, proposed to invest 1.5 billion dollars in petrochemical, 500 million dollars in power generation, 300 million dollars in coal mines development, 100 million dollars in oil exploration and production, and 500 million dollars in NGL/LNG production and other infrastructure projects.

As per the MoU, 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 Ltd of Mittal Group Vinod Mittal and BoI Executive Chairman Nazrul Islam signed the MoU on behalf of their respective sides at a function at Sonargaon Hotel in the afternoon.

Mittal Group's local agent GRH Ltd's chairman Syed G Dastagir Nishad and managing director Golam Rabbani Helal were present at the function.

After signing the agreement, Vinod K Mittal told reporters 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 in the day, 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 here yesterday. The delegation includes 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 billion dollars in different sectors, mainly power and energy,'' Mr Mittal told reporters on arrival at the airport.

The Mittal Group is one of the largest business conglomerates in India and United Kingdom (UK) with 28 billion dollars investment in 27 countries of Europe, Asia, Africa and America.

After the Indian industrial giant Tata Group's 3 billion dollars investment offer, this is the second largest investment offer from the UK-based Indian giant.

Mittal Group delegation left Dhaka for Delhi in the afternoon in a private jet.

UNI