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Ispat arm to invest $2.9 bn in Bangladesh

Ispat arm to invest $2.9 bn in Bangladesh
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First Published: Tue, Jun 12 2007. 06 02 PM IST
Updated: Tue, Jun 12 2007. 06 02 PM IST
PTI
Dhaka: Global Oil and Energy Company, a subsidiary of India’s Ispat Industries, has signed an agreement with Bangladesh to invest $2.9 billion in the country’s energy sector, officials said.
Under the “non-binding and non-committal” deal — the biggest signed by Bangladesh’s military-supported government, GOEC will carry out a feasibility study and start talks with government on specific projects on coal mining, power plants, petro-chemicals and gas exploration, an official release said.
According to the release GOEC’s possible investments include $300 million in coal mines, $500 million in power plants, $100 million in oil and gas exploration, $1.5 billion in petro-chemicals and $500 million for a liquefied natural gas plant.
The agreement was signed by Ispat chief executive Vinod Mittal and Bangladesh’s Board of Investment (BOI) chief Nazrul Islam.
This was the second such MoU Bangladesh signed after it reached a $3-billion deal with India’s Tata Group in 2004.
However, the parties to the deal are yet to reach an agreement.
Meanwhile, a private news agency — Bdnews24 — reported that the BOI chief thought that GOEC’s $2.9 billion investment proposal was “better than that of Tata”.
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First Published: Tue, Jun 12 2007. 06 02 PM IST
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