It is the single largest foreign investment by a company in Bangladesh's history.
The Bangladesh Economic Zones Authority and a Chinese company are signing an investment deal of $5 billion in a month.
It is the single largest foreign investment by a company in Bangladesh's history.
The Chinese company, Zhejiang Jindun Pressure Vessel Co Ltd, is helping them to generate electricity by setting up a coal-fired power plant and also utilizing the plant's ashes to make bricks by establishing a specialized factory.
Paban Chowdhury, chairman of the Beza said, “As we are satisfied with the details of the investment plan we are going to provide them 500 acres of land.”
He said, Zhejiang will pay Tk 315 crore to the Beza as the rent of the land for the next 50 years.
Beza officials said, Zhejiang representatives visited the under-construction zone in October 2015 before applying to the Beza seeking 1,000 acres of land, paying Tk 6 crore in advance.
The company wanted a 2,640-megawatt plant but initially the Power Division gave them permission to build a 1,320MW plant comprising two units with 660MW each.
According to Chowdhury, Zhejiang has pledged to construct the plant within three years after striking the deal.
He said, considering the power shortage in Bangladesh, the Beza has given priority to the Chinese company's plans.
