Ifad Autos secures 30-acre plot for Tk430cr project
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Friday
February 03, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
FRIDAY, FEBRUARY 03, 2023
Ifad Autos secures 30-acre plot for Tk430cr project

Economy

Mahfuz Ullah Babu
17 June, 2021, 10:15 pm
Last modified: 17 June, 2021, 10:55 pm

Related News

  • PM likely to open 25 projects in Rajshahi on Sunday
  • Ifad Autos launches two new commercial vehicles
  • Ifad Autos to double stake in growing food business
  • EBL partners with DEG for carbon accounting project
  • Bangabandhu tunnel: 92% construction works completed

Ifad Autos secures 30-acre plot for Tk430cr project

Beza has allotted the land for developing and operating industries Bangabandhu Sheikh Mujib Shilpa Nagar in Chattogram

Mahfuz Ullah Babu
17 June, 2021, 10:15 pm
Last modified: 17 June, 2021, 10:55 pm

Ifad Autos Ltd has secured a 30-acre industrial plot at an economic zone in Chattogram to go ahead with its Tk430 crore automotive project there.

The listed automobile firm informed its shareholders on Thursday that Bangladesh Economic Zones Authority (Beza) has allotted the land in favour of the company to develop and operate industries, run commercial activities and construct onsite infrastructures at Bangabandhu Sheikh Mujib Shilpa Nagar.

The land is being allotted on lease for 50 years on a rental basis, Ifad Autos said, adding it would disclose the details immediately after making a deed with Beza.

In the last quarter of 2020, Ifad submitted its plan to invest Tk430 crore there to set up a lubricant blending plant for its Gulf brand, a two-wheeler manufacturing unit, and facilities to manufacture crucial automobile components.

Taskeen Ahmed, managing director of Ifad Autos, told The Business Standard, "We are planning to build the lubricant blending plant at first as the products are already popular in the market."

In 2017, Ifad partnered with Gulf Oil International UK to jointly run the business of the lubricant brand in Bangladesh.

Ifad has been in talks with India's Royal Enfield to assemble the iconic two-wheelers in Bangladesh and the company was advocating for a policy to come out of the rare restriction on higher than 165cc motorcycle engines.

The plan had a hiccup earlier this year when the government decided not to withdraw the restriction before 2024.

"We are still in talks with principal brands with a hope that the government might rethink its decision for the sake of investments and technology transfer in Bangladesh," said the managing director of Ifad Autos.

Hailing the latest policy developments, Taskeen said the recently adopted Automobile Industry Development Policy and the budget proposals for Vat-tax waivers for automobile manufacturers and component manufacturing light engineering sector together have prepared ground for a good beginning of localisation of the automobile sector.

His company would set up component manufacturing facilities at the newly allotted plot. The initial target includes commonly replaced vehicle parts such as filters, brakes, clutch, leaf springs, seats and batteries.

"We are developing our own research and development wing alongside continuing talks with internationally reputed component brands," said the Ifad managing director.

"Whatever happens ultimately, our plan includes both the local and export markets as both offer remarkable growth for us."

He believes each of the planned facilities would see success as the local market is growing at a higher than the average global rate.

The project would create over one thousand quality jobs, according to the project proposal.

The company itself would provide more than one-fourth of the estimated project cost and the remaining amount would come from lenders.

In the next three years, the entire plot would be utilised according to the plan, hoped Taskeen.

Infograph / Top News

Ifad Autos / project

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • International Monetary Fund logo : AP via UNB
    IMF sets time-bound reform agenda as it releases first tranche of loan
  • Shipped Bhola gas to cost higher, yet cheaper than spot LNG
    Shipped Bhola gas to cost higher, yet cheaper than spot LNG
  • January exports rise nearly 6% riding on high-value RMG items
    January exports rise nearly 6% riding on high-value RMG items

MOST VIEWED

  • The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo
    IMF approves $4.7 billion loan for Bangladesh, calls for ambitious reforms
  • Cry for dollar for Ramadan imports
    Cry for dollar for Ramadan imports
  • Illustration: TBS
    Biz leaders want crisis management, energy security for survival
  • Infographic: TBS
    Bangladesh in better position than Sri Lanka, Pakistan to navigate forex crisis: UCB Asset Management
  • Reconditioned vehicles running out of stock as traders fail to open LCs
    Reconditioned vehicles running out of stock as traders fail to open LCs
  • Despite downturn 3 dozen listed firms plan Tk7,500cr investment
    Despite downturn 3 dozen listed firms plan Tk7,500cr investment

Related News

  • PM likely to open 25 projects in Rajshahi on Sunday
  • Ifad Autos launches two new commercial vehicles
  • Ifad Autos to double stake in growing food business
  • EBL partners with DEG for carbon accounting project
  • Bangabandhu tunnel: 92% construction works completed

Features

Six Jeep Wranglers and a special XJ Jeep Cherokee set out into the depths of Lalakhal, Sylhet for an experience of a lifetime. Photo: Ahbaar Mohammad

Jeep Life Bangladesh: A club for Jeep owners to harness the power of their vehicles

22h | Wheels
While the Padma bridge in operation is changing the lives of millions in the south for the better, passenger rush to Shimulia ghat died down. Photo: Masum Billah

How are the Shimulia ghat businesses faring after Padma bridge?

1d | Panorama
After so many investments going embarrassingly wrong, as was the case with Sam Bankman-Fried, perhaps tech investors’ preference for less experience will wane. Photo: Bloomberg

Are you the next Steve Jobs? Good luck raising money in 2023

1d | Panorama
An elderly couple's lonely battle to save Dhaka's trees

An elderly couple's lonely battle to save Dhaka's trees

1d | Panorama

More Videos from TBS

A proper price formula can help investors to plan big

A proper price formula can help investors to plan big

14h | TBS Round Table
Rumors about Sarika that everyone thinks are true

Rumors about Sarika that everyone thinks are true

12h | TBS Entertainment
Mugging rife in Tejgaon, murder in Wari

Mugging rife in Tejgaon, murder in Wari

15h | TBS Current Affairs
What secrets are hidden behind Adani's wealth?

What secrets are hidden behind Adani's wealth?

13h | TBS Stories

Most Read

1
Bapex calls candidates for job test 9 years after advert!
Bangladesh

Bapex calls candidates for job test 9 years after advert!

2
Leepu realised his love for cars from a young age and for the last 40 years, he has transformed, designed and customised hundreds of cars. Photo: Collected
Panorama

'I am not crazy about cars anymore': Nizamuddin Awlia Leepu

3
Photo: Collected
Energy

8 Ctg power plants out of production

4
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo
Economy

IMF approves $4.7 billion loan for Bangladesh, calls for ambitious reforms

5
Photo: Collected
Court

Japanese mother gets guardianship of daughters, free to leave country

6
Fund cut as Dhaka's fast-track transit projects on slow spending lane
Infrastructure

Fund cut as Dhaka's fast-track transit projects on slow spending lane

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]