Nitol-Niloy to set up joint venture poultry complex
Nitol-Niloy Group will set up a poultry industry complex in the country, jointly with India’s Amrit Group of Companies, in a major move to meet the increasing demand for poultry and hatcheries.
The joint venture deal for investing around US$ 10 million was signed between the two companies at a local hotel yesterday.
Managing directors of the both sides—Abdul Musabbir Ahmed of Nitol-Niloy, and his Indian counterpart Harish Bagla inked the agreement.
Chairman of Nitol-Niloy Group Abdul Matlub Ahmad, and vice chairman Selima Matlub Ahmad were also present at the signing ceremony.
The investment plan includes feed manufacturing, breeding farm, hatchery, commercial farming and chicken processing, though it is being started with the installation of a modern feed plant in the northern part of the country. The full investment plan is likely to take two to three years.
The high-ups of the two companies said the investment will generate good nutrition at an affordable price to the common people in a hygienic way. It would also give a breakthrough to the local poultry industry, they hoped.
Amrit Group, one of the largest players in the animal feed industry, annually produces 7,00,000 tonnes of poultry, cattle and fish feed.
It will be a new move for Nitol-Niloy as they are already engaged in automobile, cement, paper, insurance and finance sectors.