ELCO Wares and Cables Ltd has started its journey in the growing electric cables market aiming at manufacturing advanced quality of products.
Rupali Bank Managing Director Md Obayed Ullah Al Masud on Thursday inaugurated the factory built on a 12-acre plot at Shailat in Shreepur, Gazipur.
Company's Chairman Rana Dasgupta was present.
ELCO Wares and Cables has already invested Tk75 crore for the new generation cable factory.
Rupali Bank provided the company with Tk35.67 crore as long-term loan while the rest of the amount came from its own resources.
The company has a capacity of producing copper wares and aluminums wares worth around Tk400 crore.
ELCO Wares and Cables officials said the copper wares unit will produce 25 tonnes per day, while the aluminum wares unit's daily capacity will be 20 tonnes.
Tarek Mahmud Matin, managing director of the company, said, "We have set up the plant to produce high quality cables with advanced manufacturing technology as the market demand is growing at a 15-20 percent rate each year."
"We want to capture 10 percent market share within three years," he added. "We are confident as over 1,600 retail outlets across the country have already agreed to sell our products."
Engineer Md Aktaruzzaman, general manager (Sales and Marketing), said, "There are 18,793 electric cable outlets in our country and we got near 10 percent of them with us."
The company already employed 110 people both from engineering and non-engineering backgrounds.