Swan International Ltd and Pinnacle Bicycle will invest Tk 376 crore in Bangabandhu Sheikh Mujib Shilpa Nagar

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Miraj Shams
25 Jan 2023 00:00:13 | Update: 25 Jan 2023 00:00:13

Swan International Ltd and Pinnacle Bicycle, a sister concern Shamrat Cold Storage, will invest Tk 376 crore in Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) in Chattogram to manufacture bicycle and tire.

With the new investment Swan, one of the leading tire importers in Bangladesh, and Shamrat Cold Storage Ltd – a service provider, have been running their businesses for decades, will turn them into manufacturers.

Both Swan and Shamrat Cold Storage are signing land lease agreements with the Bangladesh Economic Zones Authority (BEZA) today to set up factories for producing tires and bicycles respectively at the Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) in Chattogram.

Shamrat Cold Storage will form a sister concern called Pinnacle Bicycle for this particular purpose, say BEZA sources, adding that the authority will sign a land lease agreement with the Bangladesh Industrial Technical Assistance Centre (BITAC) in Jamalpur EZ the same day.

Speaking to The Business Post a senior official of BEZA said, “Swan and Pinnacle Bicycle will invest Tk 376 crore to enter the manufacturing industry.

“Both the companies are going to sign land lease agreements for 18 acres of land. BEZA plans to hand over the leased land to the three entities soon, so that they can start building their infrastructure.”

Swan to invest Tk141cr

Swan International is one of the leading tire importers in Bangladesh and the sole distributor of Maxxis Tyres, PRESA Tires and CST Tires in Bangladesh.

Swan International has been collaborating with Cheng Shin Rubber Industries Co Ltd to help expand its business globally since 1996.

They sell tires for bicycles, motorcycles, passenger cars, light trucks, trucks and buses, industrial tires, to fulfill present domestic demand of Bangladesh.

Swan has been observing a rational sales growth, and it aims to meet the fastest growing tire production company in Bangladesh. With this vision, the company initially planned to become the number one independent tire importer and wholesaler across Bangladesh.

The company however has expanded upon its initial target, and now aiming to be one of the top local tire producers and suppliers.

As part of its fresh plan, Swan will invest Tk 141 crore to set up a factory at BSMSN. The company is leasing 10 acres of land from BEZA, and their new plant will provide 900 employment opportunities.

Pinnacle to invest Tk235cr

Shamrat Cold Storage Ltd is one of the pioneers of the potato storage sector in Munshiganj. The company registered as a business in March 1994. Md Ikhtier Khan Prince is the Managing Director and MA Khan Belal is the Chairman of the company.

Pinnacle Bicycle Industries Ltd is the sister concern of Shamrat Cold Storage Ltd, and it will invest Tk 235 crore to enter the bicycle manufacturing industry. Pinnacle will sign 8 acres of land lease agreement with BEZA, and their factory will create 1,000 jobs in the region.

BITAC to launch training institute

Bangladesh Industrial Technical Assistance Centre also known as BITAC is the successor to Pakistan Industrial Technical Centre (PITAC). It was renamed BITAC after the independence of Bangladesh.

BITAC was established in 1962 by merging two other productivity-oriented public sector organizations IRDC & PIPS. The institute provides technical and productivity support, and workforce training to public and private factories. The institution is signing a lease with BEZA for 6 acres of land in Jamalpur Economic Zone. They are planning to set up a technical training institution there. The key objective of BITAC is the promotion of economy through development of products, processes and skilled manpower.