The Bangladesh government is planning to privatize state-owned sugar mills.
In the initial stage, the government is planning to hand over three state-owned sugar mills to a foreign entity. Three companies from Japan, Thailand, and the United Arab Emirates (UAE) that have formed the Sugar International Company have proposed to invest Tk 5,000 crore to revive the sugar mills identified as Setabganj in Dinajpur, Mobarakganj in Jhenaidah, and Rajshahi Sugar Mills.
These mills will run jointly with the help of the government, according to the consortium.
These sugar mills owe loans worth Tk7, 700 crores to different commercial as well as specialized banks.
“We have discussed the proposal of the Sharkara International regarding investment in the sugar mills but have not yet come to any conclusion,” said Md Arifur Rahman Apu, Chairman, Bangladesh Sugar and Food Industries Corporation (BSFIC).