Indian private sector company Reliance is set to invest on a massive scale in Liquefied Natural Gas (LNG) and Power Plant projects in Bangladesh, Agencies report.
For carrying out the projects, the Asian Development Bank (ADB) has approved $583 million or Tk 58.30 crore loans.
The power plant will be built in Meghnaghat near Dhaka-Chittagong highway and the LNG Terminal will be built in Kutubdia Island of Cox’s Bazar.
The total project cost is around one billion US dollar.
Director General of ADB’s Private Sector Operations Department Michael Barrow said that ADB’s partnership with Reliance Power is to assist Bangladesh in development and to sustain and support country’s economic growth and demand.
Initially, 750 megawatts (MW) electricity will be produced. Afterwards, it is planned to extend 3,000 MW.