IFAD Autos gets 30-acre land inside Bangabandhu Shilpa Nagar

IFAD Autos has recently been allotted 30 acres of land by Bangladesh Economic Zones Authority (Beza) to set up an industrial complex.

The listed automotive company has a plan to establish manufacturing and assembly plant for motorcycles, a factory for automotive components, and a blending plant for machine lubricants in the complex.

Ifad is keen to invest over Tk 430 crore to set up the complex at the Bangabandhu Sheikh Mujib Shilpa Nagar, according to its plan that was placed last year to the Beza.

The project would be financed from the company's retained earnings and fresh bank loans.

"We have a target to utilise the full land within three to four years and the construction will start just after the current rainy season," said Taskeen Ahmed, managing director of Ifad Autos.

"We may establish other two projects here because we are seeing the potential of the automotive sector in Bangladesh."

The motorcycle manufacturing unit will be set up in partnership with a European brand to churn out high-end two-wheelers.

Gulf Oil Bangladesh would be a joint venture between Gulf Oil International UK Ltd and Ifad Group.

At a time when the news of the land allotment came, stocks of the company dropped 2.23 per cent to Tk 52.60 today.