Bangladesh’s Nitol-Niloy group, which has business interests in automobile and engineering, wants to invest in the Indian textile sector, especially in West Bengal, where it plans to start a spinning mill to convert India-sourced cotton to yarn for consumption in Bangladesh. It is eyeing a joint venture and the investment could be up to Rs 300 crore.
Though the group has explored Gujarat, West Bengal is preferred due to its geographical proximity, said Abdul Matlub Ahmad, Chairman of Nitol-Noloy on the sidelines of a recent manufacturing summit organised by the Confederation of Indian Industry (CII) in Kolkata.
The project’s blueprint is being prepared as the state government has already shown plots of land to the group’s representatives. The group is eyeing projects in the specialised garments segment as well with retail chains across the country. Ahmad also expects investments from Indian companies in a special economic zone being developed by the group in Kishoreganj district, about 85 km from Dhaka where the focus is on automobile assembly, ancillary industries and engineering equipment.