Quartz Manufacturing signs $12m investment deal with Summit Technopolis
The manufacturing plant is likely to commence operation by early 2020
Quartz Manufacturing has recently signed a ready-space allotment agreement worth $12 million with Summit Technopolis.
The 20,000-square-feet ready space at the Bangabandhu Hi-Tech City in Gazipur will be used to assemble and manufacture IP phones, biometric devices, security system hardware, solar panel and IP-PBX, said a press release.
Abu Reza Khan, managing director of Summit Technopolis, and Zahed Azam, managing director of Quartz Manufacturing, signed the deal on behalf of their respective organisations at the ICT Tower in Agargaon, Dhaka.
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Under this agreement, Summit Technopolis, a subsidiary of Summit Group, will provide related infrastructural support to Quartz Manufacturing for an outlay of about $5 million investment initially, to be raised up to $12 million in phases.
The plant is likely to begin operation by early 2020. Quartz initially plans to export the hi-tech products to India, the Maldives, Sri-Lanka, Bhutan and Nepal, and thereafter to North America and Africa.
Also present at the event were State Minister of ICT Zunaid Ahmed Palak, Senior Secretary of ICT Division NM Zeaul Alam, Managing Director of Bangladesh Hi-Tech Park Authority Hosne Ara Begum and Director of Summit Group Fadiah Khan.
