Sahara to invest $120m in Bangladesh

Sahara to invest $120m initially in Bangladesh Real estate and Housing Sector.

Sahara Group of India wants to initially invest $100 to $125 million for a township-housing scheme near the capital Dhaka, its Chairman Subrata Roy Sahara said in a press conference at Ruposhi Bangla Hotel, Dhaka on Friday, May 28, 2012. The Group has launched its subsidiary organization “Sahara Matribhumi Unnayan Corporation Limited”.

Subrata Roy Sahara, managing worker and chairman of Sahara India Paribar, introduced Sheikh Fazle Fahim, son of Awami League presidium member Sheikh Fazlul Karim Selim, as director of the new company and 'mentor' of the Group in Bangladesh at the press conference.

The conglomerate is keen to implement “New Dhaka” the housing scheme for the low-income group of people around the capital with all modern amenities. They have sought 1 lakh acre free land from the government and the company will bear all the costs needed for completing the project. A proposal has already been placed to the Bangladesh government in this connection.

The Chairman of the group said they would not build any concrete jungle; rather they would provide the people with a “complete lifestyle”. He expressed his view of working in Bangladesh to 'complement', not to 'compete', with other business bodies for the development of the country.

Subrata Roy Sahara

Mr. Sahara had earlier signed a memorandum of understanding (MoU) with Rajdhani Unnayan Kartripakkha (RAJUK) in this connection and had a meeting with Prime Minister Sheikh Hasina during his four-day visit here.

Citing a BoI (Board of Investment) report, he said that Bangladesh received investment of $ 600 million over the last 40 years from India. "It is very much insignificant. Our proposed initial investment of $ 120 million will be, so far, the largest one from India," he added. 

Apart from the infrastructure and housing sector, Sahara has plan to invest in some other projects in the country's different sectors including IT, health, education, power and tourism.

During his three-day visit he had several meetings with the top officials of Bangladesh Bank and Board of Investment and placed a number of investment proposals for at least 10 sectors in Bangladesh.

Asked about the reason behind coming to Bangladesh, Subrata Roy said, “After India, this is the land which seems to me as my own land. Doing business is not the lone reason for coming here. I have an emotional attachment with this country as my maternal root is from Bikrampur and bright business opportunity here as the country’s economy is growing rapidly”. Mr. Subrata said they are also interested to do something for Bangladesh cricket, "The Sahara logo has been on the jersey of Indian cricket team for the last 10 to 12 years. I am not announcing but it may be possible to see the same logo on the jersey of Bangladesh cricket team too."

Different company logos under Sahara Group