The Vinod- and Pramod Mittal-controlled Ispat Group is all set to invest around $3 billion (Rs 12,000 crore) in Bangladesh in a gamut of sectors, including gas exploration and production, power, petrochemicals and coal mining.
Global Oil and Energy, an investment outfit of the Ispat Group, today signed a preliminary memorandum of understanding (MoU) with Bangladesh’s state-run Board of Investment (BoI) for this purpose. The group will begin funding after the completion of the detailed feasibility study. The actual quantum of investment by the group might vary, depending upon the outcome of the feasibility report.
Sources in the Ispat Group said the neighbouring country had huge potential for big investment opportunity due to its gas reserves. The group would begin with investing in the gas sector in Bangladesh. Projects in the steel, coal and mining sectors would follow.
Industry sources said the investments would include $300 million for mine development, $100 million for oil exploration and production, $500 million for power plants, $1.5 billion for petrochemicals and $500 million for liquefied natural gas (LNG) and related projects.
Read more in The Business Standard article.
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