The Bangladesh Government plans to set up a textile village through a public private partnership (PPP) initiative on 28 acres of land belonging to Tangail Cotton Mills under Bangladesh Textile Mills Corporation (BTMC). The cabinet committee on economic affairs recently approved in principle Ramisa’s proposal as an unsolicited bidder which the PPP authority scrutinized Ramisa’s proposal and it was sent from the cabinet committee on that basis.
Ramisa Group had proposed to develop the village at Mirzapur in Tangail at an estimated cost of about Tk 1,200 cr. Now the Ministry will invite competitive bidding and Ramisa will have to participate, said the official, adding that the group would, however, get some bonus points for the approval. An official of the Textiles and Jute Ministry said that the approval does not mean that the company has got the final nod. The official said that the Prime Minister issued a directive for installing modern machinery at the mills that were closed down.
The existing Tangail mill’s land is valued at Tk 219 cr. Those who get the job of setting up the composite mill will have to make an annual payment to the BTMC for the latter being the landowner. Ramisa, in its proposal, said that the village would create employment for about 10,000 people while about $14 mn could be annually earned through exporting knit and woven garments. The project is envisaged to be a composite textile mill having facilities for production of yarn, spinning, dyeing, sizing, weaving, washing, finishing and garments making.
Of the estimated Tk 1,200 cr cost, Ramisa plans to bring in foreign investors and take bank loans. It would completely be a green project with most of the unusable construction being dismantled and others being constructed as required while keeping provisions for landscaping and providing other facilities.