INDIA-BANGLADESH JVC FOR LPG BUSINESS

July 2, 2020

India and Bangladesh signed an agreement for the formation of a 50:50 Joint Venture Company (JVC) for LPG business in Bangladesh.

About:

  • The agreement was signed between the IOC Middle East FZE, Dubai, a wholly-owned subsidiary of Indian Oil Corporation (IOC) and RR Holdings Ltd., Ras Al Khaimah, UAE, the holding company of Beximco LPG of Bangladesh.

  • The Joint Venture Company will help reduce the cost of import of LPG and make it more affordable for the consumers in Bangladesh.

  • The company plans to diversify into LPG export to the north eastern states of India from Bangladesh which will prove to be a win-win situation for both the countries.