Saudi Arabian transformer manufacturer Alfanar Group will set up a modern power transformer and cable plant together with Bangladesh Steel and Engineering Corporation (BSEC).
The two companies have signed a memorandum of understanding ( MoU) in the presence of Saudi Industries Minister Amir Hossain Amu, reports The Financial Express.
According to the MoU, Saudi Arabian Alfanar Group and BSEC will establish a plant manufacturing power transformers and other electronic equipment in Chittagong, Bangladesh.
The company will be set up as a joint venture on the premises of General Electric Manufacturing Company Limited (GEMCO).
Minister Amu said the company would export the transformers and equipment to other countries after the local demands are met.
Source: The Financial Express