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Bangladeshi group Nitol-Niloy to invest in India

The Nitol-Niloy group of Bangladesh is keen to invest in the textile sector in India. The diversified group has business interests in automobile and engineering and is planning a spinning mill project in West Bengal to convert cotton into yarn, which will then be exported to Bangladesh for consumption by its large garment industry.

The group is eyeing a joint venture and an investment in the project of around Rs 300 crores. The group is also eyeing projects in the specialised garments segment with retail chains across the country. Among Bangladeshi investors, the Bashundhara Group plans to invest in a paper-based industry, while the Pran group, an FMCG leader in Bangladesh, has already started selling its products in eastern India.

Nitol-Niloy is developing a special economic zone in Bangladesh and 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.

Indian industry has invested around $3 billion in Bangladesh. Leading players such as Tata Motors, Hero, Sun Pharma, Airtel and Aditya Birla Cement have invested in the country. Anil Ambani-run Reliance ADAG and the Adanis have announced plans to invest in the energy and port sectors. ONGC is set to invest in two shallow-water oil and gas blocks.