Deal signed to build Indian economic zone at Bangabandhu Shilpa Nagar

Bangladesh Economic Zones Authority (Beza) and Adani Ports & SEZ Limited of India have signed term sheet agreement for the development of an Indian special economic zone at Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN).

The purpose of this project is to establish a separate zone to attract Indian investors.

The estimated cost of the project is Tk 964.85 crore (including Indian line of credit $115 million). 

The main work of this project is to complete land development, connecting road, administrative building, security system, water supply system, telecommunication, water treatment plant and other investment-friendly facilities. 

Recruitment of consulting firm and manpower has already been completed.

Mohammad Irfan Sharif, executive member for planning and development of Beza, signed the agreement with Sandeep Mehta, president of Adani Ports & SEZ Limited of India, in Mumbai yesterday.

Sheikh Yusuf Harun, executive chairman of Beza, along with other senior officials was present on the occasion.

The initiative would help the successful completion of the planned Indian economic zone, Harun said.

Other processes, including company formation, will start simultaneously, he said.

A memorandum of understanding was signed between Bangladesh and India in June 2015 to establish an Indian economic zone. 

In this context, Adani Ports & SEZ Limited will work as a developer in the region as a selected entity of the government of India.

Besides, a project related to the "Establishment of Indian Economic Zone at Mirsarai" is being implemented in BSMSN for setting up Indian economic zone on about 857 acres of land in sub-zone 19 of the Bangabandhu Shilpa Nagar.