The Indian business giant Shahara Group will start its journey in Bangladesh with a primary investment of around US$125 million in housing project, said its Chairman on Friday.

Subrata Roy Sahara, Chairman of the group, spoke at a press conference to inform media about the updates of his visit to Bangladesh in a bid to look for investment opportunities.

Sahara Matribhumi Unnoyan Corporation Limited, a dedicated local concern of Shahara India Pariwar, also formally came to light yesterday, under which all investments will be made here.

The business tycoon said they already thought of a number of potential investment areas here; but not still specified.
"Now, I cannot tell you anything even if you ask me," he said adding: “Our investments will start with around $120 million to $125 million and this is just the beginning and more will follow.”

But investments might go to sectors like township development, education, health, tourism, hospitality and IT infrastructure development, he hinted.

Subrata Roy said they already placed a proposal of mega township project what he termed as “New Dhaka” to Bangladesh government to ease pressure on high-density Dhaka city.

The project will require around 0.1 million acres of land in outskirts of Dhaka, he informed the press.

He said the project will not create a jungle of concrete, instead it will provide total amenities supporting “lifestyle.”
“Shahara will bear the total cost and the Bangladesh government will only provide land and sovereign guarantee,” he said.

While his attention was drawn to country’s acute land scarcity, he said Sahara will not stick to any specific project but work for Bangladesh’s overall development at the same time doing sensible and responsible business.

“We have not come here only to concentrate on business but we want to work with social responsibility,” he said.
Shahara has already signed a MoU to build a modern housing estate for low-income group people.

The 'New Dhaka' project will also meet housing requirements of segments of urban dwellers, he informed.
He, however, did not sign any ties with local developers, saying: “We want to complement; not compete.”

About some investment barriers, Shahara Chairman said income tax difference between listed and non-listed companies is high here, calling for addressing such small issues.

"Even if I want I cannot be listed for the first three years and for that period I have to pay taxes at 37 percent, while a listed one has to pay 27 percent taxes, the difference is high," he said.

Under the present tax structure here, a listed company pays tax at 27.5 percent but non-listed firms pay 37.5 percent for only being non-listed firms here.

The man having familial roots here came to Dhaka on Tuesday on his first tour to Bangladesh.

Shahara Group Chief also rolled out, though not in detail, the group’s plan for country’s sports development, especially in cricket.

"Sahara logo is seen on the jersey of Indian cricket team and I am not announcing it but I can say it may be possible to see the same logo on the jersey of Bangladesh cricket team."

Replying to question regarding some suspicions about the much-talked-about investments, he said, "If somebody looks us with suspicion, it will dampen our spirit to work here."

“We want to work here. But if anybody publicise that we have political connection, we will lose interest to work here," he said when his attention was drawn to the political turmoil.

Asked whether political instability will harm their investments in future, the Indian business icon said there will be no problem as they love rules and regulations and like to stick to them.

Sheikh Fazle Fahim, the eldest son of senior Awami League leader Sheikh Fazlul Karim Selim, has been tasked with the directorship of the local concern of Shahara India Pariwar.

Shourov Bhattacharya, Deputy Director of the Shahara India Pariwar and a host of officials were also present at the press briefing and formal launching of its local concern.

The Daily Sun/ Bangladesh/ 26-May-2012