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First-ever venture of Rolls Royce in Bangladesh |
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September 7, 2000
Dhaka (UNB) - A British firm is setting up a power plant in Bangladesh, initiating the multinational's investment in the sector that holds out high prospects. The groundbreaking ceremony of the 9.9-mw power plant of Meghna Energy Ltd., Bangladesh, owned by Rolls-Royce Power Ventures of UK, took place on Tuesday at its site at Rupganj in Narayanganj. This is the first-ever venture of Rolls-Royce Power Ventures as Captive Independent Power Producer (CIPP) in Bangladesh that will cater to the fuel needs of Scan Cement Bangladesh Ltd. Executive Chairman of BOI M Mokammel Haque in a message on the occasion welcomed the decision of the reputed multinational Rolls-Royce to invest in Bangladesh power sector and expressed the hope that other multinationals would follow suit taking advantage of the liberalization, economic reforms and open-door policy embarked on by the Government of Bangladesh. Speaking at the ceremony Graham Bell of Scancem said: "For ensuring uninterrupted power supply to our facility we have entered into an agreement with Meghna Energy, a wholly owned subsidiary of RRPV (M), a global market leader as CIPP". Stephen P Green, President of Meghna Energy Ltd., said they were very pleased with their first investment in Bangladesh. "Many such investment opportunities exist here." Mr. Green thanked the Board of Investment, the Ministry of Energy and Power, Petrobangla, Titas Gas Transmission and Distribution Co. Ltd. and others associated with the project for extending all-out cooperation and assistance. Addressing the function Amanullah Khan, Chairman of the COSMOS Group, said, "We are very happy to be a partner of RRPV in the country's first-ever venture as a Captive Independent Power Producer (CIPP) in Bangladesh which will not only be a trendsetter but also go a long way toward resolving the power crisis that confronts the nation." |