Indian company to invest Tk 400 crore to set up packaging industry in JV with Nitol Group

By AKM Moinuddin

Dhaka, Oct 26 (UNB) - SRS Group, an Indian conglomerate with business interest in real estate, multiplexes, retail, jewelry, and food and beverages, will soon set up a packaging industry in Bangladesh under a joint venture with Nitol Group.
SRS Group has already signed a Memorandum of Understanding (MoU) with Nitol Group during the recent New Delhi visit of a Bangladesh business delegation led by Commerce Minister Faruk Khan.
“They’ll (SRS Group) invest Tk 400 crore to set up the packaging industry,” Chairman of Nitol-Niloy Group Abdul Matlub Ahmad told UNB over phone.
He said they are looking for a suitable site for the project to be implemented shortly. “We’ll prefer a site within 50 kilometers of either Dhaka-Chittagong or Dhaka-Sylhet highway.”
During the three-day visit, Bangladesh delegation had an interactive business meeting with Confederation of Indian Industries from which the joint venture project was initiated.
After addressing the local demand, the products of the packaging industry (JV) will be exported to India and other countries, Commerce Minister Faruk Khan said while talking to journalists at the Commerce Ministry conference room on Tuesday.
Another MoU in private sector was also signed between Uttara Motors and TATA Motors during the visit, said Matlub, also president of India-Bangladesh Chamber of Commerce and Industry (IBCCI).
“Under the agreement, TATA will take up a number of projects including assembling and manufacturing of mini-trucks and providing training facilities in the automobile sector,” he said.
END/UNB