Business Daily reported that Bangladesh Steel Re-Rolling Mills Ltd (BSRM) announced the local venture to be known as BMS Steel Limited. It is backed by a consortium of unnamed Kenyan, Mauritian and UAE investors. The plant will have a production capacity of 400 tonnes of steel a day. It said “The company has informed that the board of directors has decided to make equity investment of Tk. 39.00 crore (approximately) equivalent to USD 4.67 million (representing 18 per cent) in BMS Steel Limited a new joint venture company, formed in Kenya along with investment partners from Mauritius and United Arab Emirates. The investment partners have operations in Kenya and other countries in Africa. BMS Steel Limited will set up a manufacturing facility with total investment of about USD 65 million to produce 0.40 million tonnes BMS bars and sections per year.

The exact location of the plant is however not disclosed.

Source : Business Daily