Dhaka, Bangladesh (BBN)- India's Reliance Group is likely to announce its proposed investment worth US$ 3.0 billion in the energy sector of Bangladesh on Sunday.
The Indian business group wants to set up a large power plant and a floating LNG terminal in Bangladesh, industry insiders said.
Reliance chairman Anil Dhirubhai Ambani is due to make the announcement at the Bangladesh Investment and Policy Summit 2016 that begins in the capital Dhaka on the day.
Prime Minister Sheikh Hasina is scheduled to inaugurate the summit formally at hotel Radisson Blue Water Garden in the morning.
The largest private power group of India has already proposed to invest in the largest integrated LNG-based combined-cycle power plant in Bangladesh with a capacity of 3,000 megawatts along with LNG (liquefied natural gas) facilities.
The integrated project will be an important milestone in Bangladesh's quest for energy security by delivering clean, green and reliable power and will generate more than 5,000 jobs, according to the industry insiders.
Two Indian conglomerates -- Reliance Power Ltd and Adani Power Ltd -- signed separate deals with Bangladesh Power Development Board June 2015 to invest US$5.5 billion to generate 4,600 megawatts of electricity.
But there is no visible development in implementation of their investment plan so far, officials observed.
Under the circumstances, the arrival of Indian business-magnate duo Anil Ambani and Adani Group chairman Gautam Adani makes both government and investors enthusiastic. They are supposed to make some announcements regarding progress in their investment process.
About 2,000 local and foreign participants from more than two dozen countries, including the UK, Japan, China, India, Germany, France, Belgium, the Netherlands, Singapore, Malaysia, Indonesia, Thailand, Kuwait and Qatar, will attend the programme, according to the organisers.
The Board of Investment (BoI), the apex investment-promotion agency of the government, BUILD (Business Initiative Leading Development) and prime minister's office (PMO) are jointly organising the two-day summit with a view to showcasing private invest opportunities in key sectors and attracting new investments in Bangladesh.
BBN/SSR/AD