Dhaka, Bangladesh (BBN)– Nasir Group is going to expand their business by starting to produce glassware and energy saving tubes for the first time in Bangladesh by the end of this year, a company official said on Tuesday.
The new project named Nasir Glassware and Tube Industries Limited is being established with an investment of US$87 million (BDT 6.00 billion) at Mirzapur in Tangail district aiming at meeting the country’s demand of glassware and fluorescent bulbs and tubes.
“We’ve planned that the new industrial unit would go into production by the end of this year,” Project Engineer of the Nasir Group Habibur Rahman told BBN in the capital, Dhaka.
He also said it was an import substitution industry that would create employment opportunities for 900 people at different levels.
Currently, most of the glassware products are imported from various countries including China, Malaysia, Indonesia and Thailand to meet the local market requirements.
“Nasir group, one of the leading industrial conglomerates of the country, has plans to export glassware to Northeastern India, Myanmar and Bhutan after meeting local demands of the products,” Mr Rahman said.
The market for fluorescent and energy saving bulbs has soared after witnessing huge growth in the last couple of years, market operators said.
Bangladesh government has already reduced customs duty on energy saving bulbs to encourage their use in the country in the wake of huge power shortfall.
“The government may ban the traditional bulbs in the near future to save precious energy,” the project engineer said, adding the group will produce energy saving tubes along with normal tube lights from the new project.
Citibank, N.A. Bangladesh has extended a credit facility of US$20.29 million (BDT 1.40 billion) including project finance to the glassware and tube project of Nasir Group.
“In the future, the new venture hopes to compete with other Asian countries in exporting glassware and tube lights from Bangladesh,” the US-based Citibank said in a press statement in Dhaka on Tuesday.
BBN/SS/SI/AD-24June09-12:26 am (BST)