CIC Agri Businesses goes global, sets up JV in B’desh

Monday, 16 May 2011 02:33 - - {{hitsCtrl.values.hits}}

In a ground breaking move CIC Agri Businesses Ltd., one of the country’s leading firms in the sector, has formed a joint venture with Rahimafrooz (Bangladesh) Ltd., to expand its Agri Business operations in the South Asian nation.

Rahimafrooz, a reputed business house in Bangladesh is one of the largest and most successful private sector businesses diversified operations in automotives, power and energy, stationery supermarkets etc. The joint venture company known as Rahimafrooz CIC Agri will see a replicate of the CIC Agri Business model in Sri Lanka evolving in Bangladesh.

Accordingly Rahimafrooz CIC Agri will commence operations in fertiliser, agri machinery, agro chemicals and also produce seed paddy, vegetable seeds, fruits and vegetables.

Apart from infusing capital, CIC Agri Businesses is expected to train human resources and provide technical input for the joint venture operation.

An agreement marking the joint venture between CIC Agri Businessees and Rahimafrooz was signed last week in Bangladesh.

CIC was represented by CIC Holdings Plc Managing Director & CEO Samantha Ranatunge and CIC Agri Businesses Ltd., Managing Director & CEO Keerthi Kotagama whilst Rahimafrooz was represented by its Board of Directors and Niaz Rahim Group Director Rahimafrooz at the signing of the MoU.