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Tata's in Bangladesh, to invest in footwear plant
13
Apr '10
As the investors in India identify Dhaka as a good destination for investment, the US $70 billion Tata Group, a leading Indian firm, has signed a memorandum of understanding with Nitol-Niloy Group, its Bangladeshi partner, to establish a footwear and bicycle plant in Bangladesh.

O K Kaul, Executive Director, Tata International signed the deal with Nitol-Niloy's chairman Abdul Matlub Ahmad, thus officially confirming the top Indian conglomerate's entry in the Bangladeshi manufacturing sector.

Kaul informed that, as per the agreement, both the companies together will be setting up a huge footwear factory with a capacity to produce 5,000 pair of shoes daily. He added that, as Bangladesh has favourable trade access in Europe and North America, it aimed to export the entire production from these plants there.

With signing of this MoU, Tata Group and after a period of four years, marks its re-entry in country's investment sphere as it then negated its investment plan totalling to US $ 3.00 billion in Bangladesh's steel, power and fertiliser sectors.

He divulged this information, as he spoke on the sidelines of a seminar on 'Bangladesh as an Investment Destination' jointly organized by India Bangladesh Chamber of Commerce of Industry (IBCCI) and Confederation of Indian Industry (CII) at a city hotel.

Fibre2fashion News Desk - India

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