86 investment proposals submitted to revive closed, loss-making state-owned factories

Fourteen prominent domestic companies and industrial conglomerates have expressed keen interest in investing in closed and loss-making state-owned factories and submitted 86 investment proposals to the government, according to official sources.
Bangladesh Investment Development Authority (BIDA) is currently scrutinising the proposals, said its Public Relations officer Md Abu Hanif on Thursday.
Industries Secretary Abdun Naser Khan said, "We have received investment proposals from various business houses. Following the passage of the Invest Bangladesh Act 2026 last month, the models for handing over closed state units�"whether through long-term lease, profit-sharing, or other mechanisms�"will be finalised once the framing of guidelines under the new law is completed."
He expressed optimism that the process would be finalised shortly.
The interested conglomerates have proposed ventures spanning agriculture and agro-processing, electric vehicles and motorcycle manufacturing, data centers and digital infrastructure, food and water processing, light engineering, and renewable energy.
The government initiated efforts in June to restart closed state-owned manufacturing units.
BIDA initially shortlisted 44 state-owned enterprises eligible for private sector handover.
These include 13 units under the Bangladesh Sugar and Food Industries Corporation (BSFIC), 12 under the Bangladesh Textile Mills Corporation (BTMC), 10 under the Bangladesh Chemical Industries Corporation (BCIC), five under the Bangladesh Jute Mills Corporation (BJMC), and four under the Bangladesh Steel and Engineering Corporation (BSEC).
When BIDA invited expressions of interest (EOI), four standalone companies and 10 major industrial groups submitted 80 investment proposals, which later expanded to 86.
Both Paragon Group and Kazi Farms Group have submitted proposals to invest in Thakurgaon Sugar Mills.
Meanwhile, Nabil Group, BRAC Seed and Agro Enterprise, and Milk Vita have all expressed interest in taking over Setabganj Sugar Mills.
The revival initiative gained momentum following a high-level meeting at the Prime Minister's Office on July 4, where Prime Minister Tarique Rahman directed authorities to expedite the process of reopening non-profitable state-owned factories through domestic and foreign investments.
Subsequently, on July 8, Industries and Commerce Minister Khandakar Abdul Muktadir chaired a meeting at the Ministry of Industries, where participating companies presented their viewpoints, leading to a decision to form an effective committee to finalise the investment frameworks.
Major Conglomerates and Their Investment Plans- PRAN-RFL Group: Leading the pack with 35 investment proposals covering 16 state-owned factories. Their plans include single and joint investments in automobile assembly, eco-tourism, agro-industry, construction materials, ready-mix concrete, paper mills, solar power, footwear, furniture, poultry, and dairy farming.
PRAN-RFL has already revived Rajshahi Textile Mill and Rajshahi Jute Mill under Public-Private Partnerships (PPP), employing 3,500 people, and recently secured leases for Star Jute Mills in Dighalia, Khulna, and National Jute Mills in Sirajganj on August 11.
Akij Resource Group: Submitted 12 proposals through two subsidiaries. Akij Agro & Livestock submitted three proposals for agriculture, solar power, and cold storage at three sugar mills, while Akij Electric & Electronics submitted nine proposals across light engineering, furniture, rubber, electric vehicles, power, and IT sectors.
TK Group: Placed 10 proposals focusing on manufacturing automobile parts, electric vehicle assembly, leather footwear, and solar panel glass under long-term leases.
BRAC Seed & Agro Enterprise: Submitted nine proposals for long-term leasing of Setabganj Sugar Mills to set up research and development, fruit and vegetable processing, organic fertilizer production, seed-potato multiplication, cold storage, and solar energy generation.
Kazi Farms Group: Submitted four proposals targeting land acquisition or long-term lease of Khulna Newsprint Mills, Dhaka Leather, Pragoti Industries, ThakurgaonSugar Mills, and Panchagarh Sugar Mills for agro-processing, corn starch, food processing, and beverage production.
Transcom Group: Submitted three proposals for new investments across closed units of four state agencies.
Nabil Group: Submitted two proposals targeting Rajshahi Sugar Mills and Setabganj Sugar Mills for sugar beet, integrated farming, and agro-processing projects.�"UNB