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Adani Wilmar Limited, a joint venture of India and Singapore-based two companies, is set to invest US $400 million in Bangabandhu Sheikh Mujib Industrial City in Chattogram region to establish agro-based factories, officials said.
It will manufacture import-substitute food items in 11 industrial units on 100 acres of land and create 3,550 employments, they said.
"This is a quality foreign investment," Executive Chairman of Bangladesh Economic Zones Authority (BEZA) Paban Chowdhury told the FE.
He said Wilmar International Limited officials showed their interest to invest in Bangladesh during Prime Minister Sheikh Hasina's visit to Singapore in March 2018.
After visiting the Mirsarai Economic Zone (EZ), the Wilmar officials expressed their satisfaction with the geographical location of the economic zone and other facilities being provided by the BEZA, he mentioned.
"They are now investing for 100 acres of land, though they wanted only 50 acres at the initial stage," he said.
Foreign investment by global conglomerates like Adani Wilmar is a testimony of favourable business climate in Bangladesh, said the BEZA chief.
"The extent of foreign investment will continue to grow in coming years," he added.
According to the investment proposal, this is Adani Wilmar's largest investment in Bangladesh so far.
Adani Wilmar Bangladesh Ltd. will develop the land by itself at the Mirsarai Economic Zone, which is a part of Bangabandhu Sheikh Mujib Industrial City spreading in Chattogram's Mrisarai, Sitakundu and Feni's Sonagazi upazilas on 30,000 acres of land.
Adani Wilmar will start developing infrastructures within six months of handing over the land to it by the BEZA.
In this regard, Adani Wilmar will sign a land lease agreement with the BEZA at a ceremony, scheduled to be held at the latter's headquarters in Dhaka city today (Monday).
The company is expected to be operational within three years of the signing of agreement with the BEZA.
The joint venture project will export its products after meeting the local demand.
The multinational business conglomerate will establish factory, administration building, warehouse, logistic yard Effluent Treatment Plant (ETP), road, drainage system, other utilities and necessary infrastructures here.
It will also develop social infrastructures like dormitory and training center.
The large manufacturing unit will produce import substitute food items in the proposed facility, the proposal said.
According to its website, Adani Wilmar Limited (AWL) is a joint venture between India's Adani Group and Singapore's Wilmar International Limited.
They have agro-based manufacturing industries in Bangladesh under the name of Bangladesh Edible Oil Ltd.
This company is well known for brands like Rupchanda, Meizan, King's, Fortune, Veola and Lucky in Bangladesh.