Meghna Innova Rubber Company, the company behind Bangladeshi tyre brand MTF Tyre, has expanded its activities into the truck and bus tyre and agricultural tyre segments. Local newspaper The Business Standard writes that the Meghna Group subsidiary has invested BDT13 billion (£85.3 million) into the project, with 80 per cent of the investment going towards new tyre building machinery.
More than 130 people are reportedly missing following a fire at the Gazi Tyres factory in Rupganj, Bangladesh. Various local media sources indicate that up to 174 people are presumed dead in the aftermath of the blaze, which began on Sunday evening. The fire raged for more than 32 hours, leading to the collapse of three floors in the six-storey building. A team of experts from the Bangladesh University of Engineering and Technology has been formed to assess the building’s structural integrity and guide the next steps in the rescue operation.
Indian manufacturer Ceat Tyres is establishing a tyre factory in Bangladesh, according to local news source BDNews24. The Mumbai-based parent company of Ceat, RPG Group, has reportedly signed a joint venture agreement with AK Khan to set up the plant with an initial investment of $67 million.
Under its ‘Belt and Road Initiative’ the government of China aims to redirect overproduction within certain key industries to other countries, particularly those in Eurasia, and one project being set up in response to this strategy is about to begin in South Asia. The Jamuna Group, a Bangladesh-based private enterprise active in a number of sectors, is establishing a tyre factory within the country with technical assistance from companies belonging to state-owned chemical firm China National Chemical Corporation (ChemChina).
A new report suggests the Bangladesh tyre market will grow by 9 per cent compound annual growth rate between now and 2020 due to a rise in automobile sales, improvement in public infrastructure, and growth in purchasing power.
According to the recently released TechSci Research report, “Bangladesh Tyre Market Forecast & Opportunities, 2020’’, several global tyre giants have also expressed interest in making significant investments by setting up their manufacturing units in the country.
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