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Adani Wilmar – A joint venture company of India-Singapore.
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The organization is taking up 100 acres of land in the Bangabandhu Economic Zone in Mirsharai.
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Initial Investment of more than 3400 crores taka.
India’s Adani Group and Singapore based Wilmar company joint- ventured company, Bangladesh Edible Oil Limited (BEOL) is set to make big investments in Bangabandhu Sheikh Mujib Economic Zone. The organization is taking 100 acres of land there on a lease, to build factories for food processing and edible oil. Initially, they are planning to invest 400 million US dollars which is almost 3400 crores in Bangladeshi Taka.
On March 2018, Prime Minister Sheikh Hasina received the proposal of this investment on her visit to Singapore. There, Wilmar asked the Prime minister for land in Bangladesh to build their factories. The PM herself assured them back then. And after that, their officials came to Bangladesh and finalized the deal.
On January 28, they have signed a deal with Bangladesh Economic Zones Authority (BEZA) regarding the land allotment issue. BEZA’s Executive Chairmen, Paban Chowdhury said that at the beginning, Adani-Wilmar asked for 50 acres of land. However, after seeing the development project in Bangabandhu Economic Zone, they requested for 100 acres. They got the permission after the government decided to give land on lease. He also said, ‘Adani-Wilmar’s investment will encourage more foreign investments. Specifically, in Economic Zones.
Adani Group is India’s leading commodity trading business company. Other than India, they have branches in many other countries. On the other hand, Wilmar is one of the biggest companies in Singapore, whose main business is in the agro-industries. In 1999, a group of businessmen formed a company under the name of Adani-Wilmar Limited ( AWL). According to the information on their website, they have 450 factories in many different countries. Besides that, they have an expanding supply chain in more than 50 countries in the world including, India, China, and Indonesia. They are the top organization in Asia in supplying Edible Oil.
Bangladesh Edible Oil’s proposed name for the company is Adani-Wilmar Bangladesh Limited. In their proposal for land allotment, they said they would implement their project within 3 years. On this land, they will build Factories, Administrative Building, Waste-management plant, Training Centre, Housing, etc. A small part of the manufactured products from the factories will be imported, and a large portion will be sold in the local markets.
Bangladesh Edible Oil is taking land on a yearly lease in the Bangabandhu Economic Zone. They would take undeveloped land and make it useful themselves. About 3.5 thousand people would get jobs in their factories.
Bangladesh Edible Oil company are known to the people of this country for their brand, ‘Rupchanda‘ soybean oil. Apart from that, they have products of brands like Mizan, Kings, Viola, and Lucky.
Bangabandhu Economic Zone will turn into a complete economic city. It consists of 30 thousand acres of land starting with Mirsharai in Chittagong, Sitakunda, and Feni. Until now, they have got investment proposals of over 1.24bn US dollar, and for that allotment, papers are being distributed. They have decided to give 3,827 acres of land on lease to about 55 organizations who are about to invest.
Amongst the government organizations, BEZA has allotted about 1,055 acres of land to the authority of Bangladesh Export Processing Zone. India will be taking 1000 acres of land there as well. BEZA has granted 500 acres of land for Garment exporters. Investors from different countries like China, Japan, UK, India as well as Singapore have applied for land allotment.
