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Mittal Group Signs MOU, Plans to Invest in Bangladesh


Managing director of India's Ispat Industries, Vinod Mittal, on Monday signed a memorandum of understanding with the Board of Investment to conduct a feasibility study of US$ 2.9 billion investment plan in Bangladesh.

Vinod Mittal, younger brother of steel tycoon Lakshmi Mittal, made the agreement on behalf of Global Oil & Energy Ltd UK, the offshore investment wing of Ispat Industries. The company expressed its interest to invest $1.5 billion in the petrochemical sector, $500 million in power plants, $500 million in NGL/LNG production, $300 million in coal mine development and $100 million in oil exploration and production.

Amir Khasru has more on the story.

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