The leading brand in India’s paint market, Berger Paints, will invest Tk250 crore (approximately US$29.2M) in Bangladesh’s Mirsarai Economic Zone in Chattogram.
Bangladesh Economic Zones Authority (BEZA) has allocated 30 acres of land for Berger.
The company now has two factories in the country.
BEZA Executive Member, Harunur Rashid and Chief Financial Officer of Berger Paints Bangladesh, Abdul Khaled signed the land handover agreement on behalf of their respective organisations at Dhaka’s Radisson Blu Water Garden hotel.
Managing Director of Berger Paints Bangladesh, Rupali Chowdhury said: “Initially, Berger Paints will invest Tk250 crore to set up the unit.
“Under the new project, Berger will set up an emulsion plant, a resins plant and a central raw material warehouse.
“The unit will mainly produce water- and solvent-based paints.
“It will be a strategic initiative for the future business plan to explore export opportunities in the future,” said Chowdhury.
Regarding the investment, Paban Chowdhury, Executive Chairman of BEZA, said foreign investors have realised that Bangladesh is a suitable destination for investment.