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Bangladesh:Bangla-German JV to set Tk 75cr denim project |
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2005-1-12
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A Tk75 crore Bangladesh-German joint venture to kick start a denim project has been approved by the Board of Investment (BoI).
Textile sector, as per BoI witnessed record domestic investment in 2004, and was among one of the two projects in different sectors registered last year.
BoI registered as many as 692 textile projects in 2004 with investment proposals of Tk4,900 crore, which is 37 percent of the total domestic investment in the same year.
The joint venture company, Titas Spinning & Denim Company Limited has been extended credit facility worth Tk53 crore by the Islami Bank Bangladesh Limited (IBBL) as per the agreement signed yesterday to set up the 100 percent export-oriented industry. Of the total loan, Tk41 crore is project loan and Tk12 crore is working capital.
Stake holding pattern will be 65 percent by Germans while Bangladeshis hold 35 percent stakes in the joint venture company.
Project details envisage 7.5 million metres of denim production per year and provide employment opportunities for 250 persons with the expected month of operation likely to be in early 2006.
The loan agreement signing ceremony was attended by Executive Vice-president of IBBL Abdur Raquib, M Mazharul Haque, managing director of the joint venture company, and German investors - Shahjahan Sarker Shazu, chairman of the joint venture company, and Steffen Helmut Mohler, along with Bangladeshi investors M Majharul Haque, managing director of the company, and Md Abul Hossain, who were present at the signing ceremony.
Md Kabir Hossain, vice-president of IBBL, and high officials from both the organisations were also present at the function held in Dhaka. |
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