Dhaka: Fourteen prominent domestic companies and industrial conglomerates have expressed keen interest in investing in closed and loss-making state-owned factories by submitting 86 investment proposals to the government, according to official sources. Bangladesh Investment Development Authority (BIDA) is currently scrutinising the proposals, said its Public Relations officer Md Abu Hanif on Thursday.
According to United News of Bangladesh, Industries Secretary Abdun Naser Khan stated, “We have received investment proposals from various business houses. Following the passage of the Invest Bangladesh Act 2026 last month, the models for handing over closed state units-whether through long-term lease, profit-sharing, or other mechanisms-will be finalised once the framing of guidelines under the new law is completed.” He expressed optimism that the process would be finalised shortly.
The interested conglomerates have proposed ventures spanning agriculture and agro-processing, electric vehicles and motorcycle manufacturing, data centers and digital infrastructure, food and water processing, light engineering, and renewable energy. The government initiated efforts in June to restart closed state-owned manufacturing units, with BIDA initially shortlisting 44 state-owned enterprises eligible for private sector handover.
These enterprises include 13 units under the Bangladesh Sugar and Food Industries Corporation (BSFIC), 12 under the Bangladesh Textile Mills Corporation (BTMC), 10 under the Bangladesh Chemical Industries Corporation (BCIC), five under the Bangladesh Jute Mills Corporation (BJMC), and four under the Bangladesh Steel and Engineering Corporation (BSEC). When BIDA invited expressions of interest (EOI), four standalone companies and 10 major industrial groups submitted 80 investment proposals, which later expanded to 86.
Notably, both Paragon Group and Kazi Farms Group have submitted proposals to invest in Thakurgaon Sugar Mills. Meanwhile, Nabil Group, BRAC Seed and Agro Enterprise, and Milk Vita have all expressed interest in taking over Setabganj Sugar Mills. The revival initiative gained momentum following a high-level meeting at the Prime Minister’s Office on July 4, where Prime Minister Tarique Rahman directed authorities to expedite the process of reopening non-profitable state-owned factories through domestic and foreign investments.
Subsequently, on July 8, Industries and Commerce Minister Khandakar Abdul Muktadir chaired a meeting at the Ministry of Industries, where participating companies presented their viewpoints, leading to a decision to form an effective committee to finalise the investment frameworks.
PRAN-RFL Group leads with 35 investment proposals covering 16 state-owned factories, including plans in automobile assembly and eco-tourism. They have already revived Rajshahi Textile Mill and Rajshahi Jute Mill under Public-Private Partnerships (PPP), employing 3,500 people.
Akij Resource Group submitted 12 proposals through two subsidiaries, focusing on agriculture, solar power, and cold storage, while TK Group placed 10 proposals targeting automobile parts and solar panel glass production.
BRAC Seed and Agro Enterprise has nine proposals for Setabganj Sugar Mills, focusing on research and development and solar energy. Kazi Farms Group submitted four proposals targeting sugar mills and agro-processing.
Transcom Group, Nabil Group, Paragon Group, Square Food and Beverage, Milk Vita, Gram Unnayan Karma (GUK), Active Fine Chemicals, Excellent Ceramics Group, and Bengal Meat Processing Industry have also submitted proposals covering various sectors.
Nahian Rahman, Executive Member of BIDA, mentioned that following the Prime Minister’s meeting on July 4, a draft policy was formulated to transfer closed state units to private management, with consultations held with private entrepreneurs on July 28. The policy framework is expected to be passed within a month.