Mittal wants to develop $500m township in Ctg

UK-based Mittal is exploring a $ 500-million investment in Chittagong. It plans to develop a coastal township along the Bay of Bengal, which could house residential and industrial blocks besides having its own airstrip and shallow port.
Confirming the development, Chittagong Development Authority (CDA) Chairman Shah Muhammad Akhteruddin said, “The authority is prepared to extend its support to Mittal's plans.”
A senior representative from Mittal, UK, Rakesh Biship, has already visited the potential site in March.
"A delegation is scheduled this month again to study the site in greater detail," another official in CDA said.
Guidelines for developing such townships are provided in the Chittagong Metropolitan Master Plan (CMMP). The investment in such projects would not be less than $ 500 million (around Tk 3,500 crore), CDA officials said.
A composite township can be developed conforming to the coastal belt development guidelines of the CMPP along the coast stretching from Patenga to Kumira under the Sitakunda district.
A huge strip of naturally reclaimed land already exists along the coast to the west of the port city. A 12-km long and 1-km wide township overlooking the sea could be developed there reclaiming more land with the help of artificial blocks, said the CDA officials.
The coastal township could accommodate waterfront residential blocks, environment-friendly industries, industrial blocks, an airstrip, a shallow port besides hotel and cruising facilities.
The authority would invite global investments in townships that create employment opportunities, said Akhteruddin.
The Mittal group has been scouting for investment opportunities in Bangladesh for more than a year now.