Diversified jute manufacturer and exporter, the Gloster Limited is planning to set up a unit in Bangladesh for which it is in talks with a corporate of that country, a company official said.
The Bangladesh unit will be a greenfield one and cater to the export market, its executive chairman Hemant Bangur said.
"We are planning to set up a unit in Bangladesh for which we are talking to one of the top corporates of that country", he told PTI.
The investment required for setting up the unit will be Rs 500 crore and the unit will have an employment potential for 4500 people, he said.
The company will require 100 acres, Bangur said adding that the preferred location would be on the west side of the Padma river either in Rajshahi or Khulna.
Gloster, whose operations are located in Bauria in Howrah district of West Bengal, will now require land for expansion of its existing operations, Bangur said.
The Bauria operations provide employment to more than 4600 people, he said.
Bangur said "we are not keen on getting the 14Y clearance for holding land in excess of 25 acres due to the Land Ceiling Act. This means again vesting the land with the state. This is making the expansion process slow.
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