Kiam Metal plans to set up Tk 850cr glassware factory
Kiam Metal Industries, a sister concern of BRB Group, plans to produce a foray in to the country's burgeoning glassware market by establishing a Tk 850 crore manufacturing facility.
"We will begin construction in May if the Bangladesh Economic Zones Authority (Beza) supplies the required land," said Md Mizber Rahman, managing director of Kiam Metal Industries.
The company has recently submitted a proposal to Beza, seeking 30 acres of land at the Bangabandhu Sheikh Mujib Shilpa Nagar in Chattogram.
"Our target is to complete the implementation work within 14 months," he added.
According to Rahman, the business will fund 30 per cent of the project through equity as the remaining 70 % will be financed by local banks. The project will create around 2,500 opportunities for direct employment.
Beza Executive Chairman Paban Chowdhury appreciated the initiative saying it could help diversify the country's exports.
"Bangladesh must promote such initiatives," he said, adding that Beza will examine the proposal before allotting any land as needed.
The domestic demand for glassware is just about 1.3 crore pieces monthly, or roughly Tk 140 crore, industry insiders say.
However, there is absolutely no reliable data on the market's actual size.
Local manufacturers Nasir Glassware and GMS cater to 65 per cent of the country's demand while the rest is imported from countries such as for example China, France and Indonesia.
The demand for glassware rose steadily in the last decade thanks to an evergrowing middle-class and increasing number of restaurants and hotels in the united states.
Kiam Metal Industries began its journey back 1990 with a kitchenware manufacturing unit in Kushtia.
Being a pioneer in the market, the business has since become the major kitchenware producer in Bangladesh.
Kiam Metal Industries manufactures non-stick cookware, aluminium utensils, enamelware and a bunch of other kitchen products that may substitute imports for domestic consumption.
"Not long ago, the products were imported but now, the quality products created by Kiam Metal Industries have won the hearts of consumers," said Rahman.
After meeting domestic demand, the company exports its products to various destinations, including the US, Canada, Dubai and Australia.
