Bloomberg News

Hyundai, Daewoo to Build $180 Million Power Plant in Bangladesh

October 05, 2011

Oct. 5 (Bloomberg) -- South Korea’s Hyundai Engineering Co. and Daewoo International Corp. will sign an accord today with Bangladesh’s Ashuganj Power Station Co. to build a 225-megawatt power plant in the South Asian country.

The project will cost 13.61 billion taka ($180 million), Mizanur Rahman, company secretary at Ashuganj Power, said in a phone interview. Standard Chartered Plc will finance 80 percent of the cost, he said.

Bangladesh, where more than half of the 156 million people don’t have access to electricity, plans to spend $10 billion, or 11 percent of its gross domestic product, in a decade to increase generation capacity and attract overseas investment.

The plant is being built in Ashuganj, 90 kilometers (56 miles) north-east of the capital Dhaka, to supply power to the national grid.

--Editors: John Chacko, Rebecca Keenan

To contact the reporter on this story: Arun Devnath in Dhaka at

To contact the editor responsible for this story: Arijit Ghosh at

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