Bangladesh’s Nitol-Niloy group plans to invest in India. A spinning mill will be opened in West Bengal to convert India-sourced cotton to yarn for consumption in Bangladesh. The company which has business interests in automobile and engineering is eyeing a joint venture and the investment could be up to Rs 300 crores.
The group is eyeing projects in the specialised garments segment as well as with retail chains across the country. Nitol-Niloy is developing a special economic zone in Bangladesh and is eyeing investments from Indian companies.
The SEZ will have around 80 to 100 plots spread across an area of 103 acres and the focus is on automobile assembly, ancillary industries as well as engineering equipment. The main thrust of the Nitol-Niloy Group comes from marketing Tata commercial vehicles in Bangladesh including buses, trucks, passenger pick-up trucks, and construction equipment. Indian industry has invested around three billion dollars in Bangladesh.