Bangladeshi firm to set up food processing units in India

Agartala, March 18 (IANS) PRAN Group, a Bangladeshi food processing firm, will set up agro-processing plants in Tripura, Orissa and Tamil Nadu, officials said Wednesday.

'Setting up of agro-processing plant with an investment of $5 million in Agartala is now in an advanced stage,' said Amjad Ali Khan Chowdhury, chief executive officer of the PRAN Group.

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'PRAN (Programme for Rural Advancement Nationally) has also sought approval from Bangladesh Bank to invest in India,' he told IANS here.

The state government has already allotted 10 acres to the PRAN group at Bodhjung Nagar in west Tripura to set up the unit.

'We shall provide all kind of logistical help to commission the proposed industrial unit and it would earn foreign investment besides generating employment,' said Tripura Industry and Commerce Minister Jitendra Chowdhury.

According to the PRAN head, the company would also seek loan from Indian financial institutions to set up their projects in Tripura, Orissa and Tamil Nadu.

Ali Khan Chowdhury said the company had secured a $150 million loan from the International Finance Corp (IFC) to expand its trade and business.

'The loan will support the PRAN Group's strategic investment plan over the next three years,' he said.

Starting its venture in 1980, PRAN manufactures products in six food categories - snacks, confectionary, juice, beverage, culinary products, dairy and premium rice.

Employing around 15,000 workers, the company exports its products to more than 70 countries, including India.