Nitol-Niloy and Amrit sign $10m deal 2011

The Daily Star - 28 Mar 2011
Nitol-Niloy Group of Bangladesh signed a joint venture agreement with Amrit Group of India in Dhaka on Saturday.

The venture will invest around

$10 million in a span of two to three years in various sectors of poultry industry such as feed manufacturing, breeding farm, hatchery, commercial farming and chicken processing.

The agreement was signed by Abdul Musabbir Ahmad, managing director of Nitol-Niloy Group and Harish Bagla, managing director of Amrit Group of Companies.

Ahmad said, "People of Bangladesh including women lack a sufficient intake of 22 amino acids. Growth of the poultry sector will enable them to have chicken at an affordable price. This will help them get protein and ensure balanced physical growth."

"There is immense scope for growth in Bangladesh's poultry sector, now growing at a 20 percent rate. We want to be part of the growth," said Bagla.

Nitol-Niloy Group is a leading corporate house of Bangladesh having business interests in cement, paper, automobile, insurance and finance sector, with a turnover of Tk 2,000 crore.

Amrit Group, starting out in 1994, is one of the fastest growing corporate houses in India with an annual turnover of Tk 2,400 crore. Growing at a rate of 40 percent over the last two years, the group has diverse business as animal feeds, poultry, processed food and dairy.

Abdul Matlub Ahmad, chairman and Selima Ahmed, vice chairman of Nitol-Niloy Group, were present on the occasion.