Nitol Motors, Indian firm to set up tractor plant in Bangladesh
Our Correspondent, New Delhi
Nitol Motors Limited of Bangladesh and Escorts India Ltd of India yesterday signed a memorandum of understanding (MoU) to set up a joint venture tractor manufacturing facility in Bangladesh at a cost of US$ 10 million.After signing the MoU here, Abdul Matlub Ahmad of Nitol Motors, a concern of Nitol-Niloy Group, said the plant, to be set up in Kishoreganj, will go into production by the end of this year and the majority of the share in the project will be held by his company. He said 1,000 tractors will be manufactured in the first year of production, which is 50 percent of the total demand in Bangladesh. Later, the production capacity will be upgraded as there is a plan to export the tractors manufactured in Bangladesh to Myanmar and north-eastern Indian states. Nitol-Niloy Group's deal with Escorts will be the fourth joint venture with Indian companies. Earlier, Nitol-Niloy signed deals with Tatas, Birlas and Blowpast for automobile, cement and plastic projects.
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