Sahara Pariwar to ‘invest US$120mn’
Dhaka, May 25 (UNB) – Chairman of Indian business conglomerate Sahara India Pariwar Subrata Roy Sahara on Friday said they have planned to initially invest US$120 million which will be the single largest investment (in Bangladesh) by any Indian investor.
Subrata Roy also said his group would invest in Bangladesh abiding by the existing laws of the country.
The Indian business tycoon made the comment at a press conference at Ruposhi Bangla Hotel in the city while responding to a question about the demand of Transparency International Bangladesh (TIB) to publish the details of his group’s deal with Bangladesh to invest in different sectors, including the real estate.
So far, the total investment in Bangladesh by different Indian investors is US$ 600 million.
The Sahara chief said: “We’ve never violated any law in doing business in India for the last 32 years. Indian government never raised its finger at us. Likewise, we’ll never violate law in Bangladesh as well. We’ll honour and abide by the laws while doing business.”
Sahara India Pariwar, a US$ 23 billion business group, founded in India in 1978, signed a memorandum of understanding (MoU) recently with Rajuk, the capital’s development authority, to set up new township beside the existing city area of Dhaka.
“We’ve sought 100,000 acres of land from the government to build townships with all modern amenities,” said the chief of Sahara.
He, however, did not give any detail of his group’s investment plan and also about the position of ownership in the equity investment with the government.
About a question on his investment plan in the pretext of the country’s volatile political situation, Subrata Roy Sahara said when Sahara invests in any country it remains ready to remove the hurdles at any level.
He said that he is moving with his investment plan keeping in mind the environmental and other aspects. “If any environment question is genuine, Sahara is always ready to address it as the group feels social responsibility while proceeding with its plan.”
At the function, Sahara’s Bangladesh subsidiary, Sahara Matribhumi Unnayan Corporation Limited, was launched appointing Sheikh Fazle Fahim as its director. Fahim is the son of Sheikh Fazlul Karim Selim, the ruling Awami League’s presidium member and also its MP from Gopalganj constituency.
Subrata Roy Sahara said his investment plan in Bangladesh is a matter of emotion as his maternal forefathers were from Bikrampur of Bangladesh and he was born in that area.
“Secondly, Bangladesh’s consistent better economic growth of between 6-7 percent has prompted his group to move in to Bangladesh with a huge investment plan.”
He noted that several meetings with different high levels, including Bangladesh Bank and Board of Investment (BoI), where he placed a number of investment proposals for at least 10 sectors in Bangladesh.
He said Sahara Group is keen to invest in the tourism sector as the country has a good prospect centering the largest mangrove forest of the Sundarbans.
He noted that Sahara has conducted a preliminary survey on investment in Bangladesh.
Replying to a question, Subrata Roy said Sahara wants to complement with local investors instead of competing with them. “We want to complement, not compete with local investors.”
He urged the government to reduce the existing 10 percent difference in the tax regime of a listed and non-listed company.
Subrata Roy also said his group would invest in Bangladesh abiding by the existing laws of the country.
The Indian business tycoon made the comment at a press conference at Ruposhi Bangla Hotel in the city while responding to a question about the demand of Transparency International Bangladesh (TIB) to publish the details of his group’s deal with Bangladesh to invest in different sectors, including the real estate.
So far, the total investment in Bangladesh by different Indian investors is US$ 600 million.
The Sahara chief said: “We’ve never violated any law in doing business in India for the last 32 years. Indian government never raised its finger at us. Likewise, we’ll never violate law in Bangladesh as well. We’ll honour and abide by the laws while doing business.”
Sahara India Pariwar, a US$ 23 billion business group, founded in India in 1978, signed a memorandum of understanding (MoU) recently with Rajuk, the capital’s development authority, to set up new township beside the existing city area of Dhaka.
“We’ve sought 100,000 acres of land from the government to build townships with all modern amenities,” said the chief of Sahara.
He, however, did not give any detail of his group’s investment plan and also about the position of ownership in the equity investment with the government.
About a question on his investment plan in the pretext of the country’s volatile political situation, Subrata Roy Sahara said when Sahara invests in any country it remains ready to remove the hurdles at any level.
He said that he is moving with his investment plan keeping in mind the environmental and other aspects. “If any environment question is genuine, Sahara is always ready to address it as the group feels social responsibility while proceeding with its plan.”
At the function, Sahara’s Bangladesh subsidiary, Sahara Matribhumi Unnayan Corporation Limited, was launched appointing Sheikh Fazle Fahim as its director. Fahim is the son of Sheikh Fazlul Karim Selim, the ruling Awami League’s presidium member and also its MP from Gopalganj constituency.
Subrata Roy Sahara said his investment plan in Bangladesh is a matter of emotion as his maternal forefathers were from Bikrampur of Bangladesh and he was born in that area.
“Secondly, Bangladesh’s consistent better economic growth of between 6-7 percent has prompted his group to move in to Bangladesh with a huge investment plan.”
He noted that several meetings with different high levels, including Bangladesh Bank and Board of Investment (BoI), where he placed a number of investment proposals for at least 10 sectors in Bangladesh.
He said Sahara Group is keen to invest in the tourism sector as the country has a good prospect centering the largest mangrove forest of the Sundarbans.
He noted that Sahara has conducted a preliminary survey on investment in Bangladesh.
Replying to a question, Subrata Roy said Sahara wants to complement with local investors instead of competing with them. “We want to complement, not compete with local investors.”
He urged the government to reduce the existing 10 percent difference in the tax regime of a listed and non-listed company.
Comments
No Comments on this News
