Ifad Autos to invest $51m in Bangabandhu Sheikh Mujib Shilpa Nagar
Ifad Autos Limited signed a land-lease agreement with Bangladesh Economic Zones Authority (Beza) by which the company will expand its manufacturing facilities on 30 acres of land at the Bangabandhu Sheikh Mujib Shilpa Nagar.
Tanvir Ahmed, managing director of Ifad Autos and Md Ali Ahsan, executive member of Beza signed the deal on behalf of their respective organisations at a Beza headquarters event in the capital on Thursday.
According to a Beza press statement, the company Ifad will invest $51 million to set up a car assembly factory, lubricant blending plant, and light engineering industry, that will create employment for about 880 people.
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Commenting on the matter, Ifad Autos Managing Director Tanvir Ahmed said they chose the Bangabandhu Sheikh Mujib Shilpa Nagar for expanding their manufacturing facilities because Beza has been providing world-class facilities to investors there, a prerequisite for a business to thrive.
The company wil start with motorcycle assembly, lubricant blending, and other light engineering factories within the shortest possible time, he added.
