Besides, the group plans to expand into other sectors, such as garments, footwear and glassware.
The new investment will create about 20,000 jobs, PRAN-RFL said in a statement.
The company is going to set up a new industrial park, Kaliganj Agro Processing Ltd, in Gazipur for processing seeds and edible oil, flour, salt, lintel, starch and feed mill. Production in these factories is likely to start at the end of the year.
“There is a huge market of consumer products in Bangladesh and the majority of the products are edible oil, flour, lintel, salt,” said Kamruzzaman Kamal, director (marketing) at PRAN-RFL group.
The business group will invest Tk 15 billion in consumer and feed mill and Tk 100 million in mobile phones and accessories. The company also set aside Tk 850 million for the readymade garment and footwear business, and Tk 950 million for glassware and poultry farming.
RFL is going to manufacture smart and feature phones along with mobile accessories, including headphones, batteries and chargers at PRAN Industrial Park in Narsingdi. The phone will hit the market in March under the brand Proton.
PRAN Group will also set up a garment factory in Rajshahi to produce undergarments and polo shirts. The factory will be inaugurated in February. The project aims to create around 2500 jobs.
Director Kamruzzaman Kamal shared the journey of the business group with the media at a hotel in Cox’s Bazar on Thursday.
PRAN-RFL started its journey in 1981 by manufacturing tubewells and agriculture equipment with the objective to provide drinking water and irrigation in the northern region. Then the group set up an agro-processing plant in Narsingdi in 1993.
Later, PRAN diversified into snacks, biscuit and bakery, confectionery, culinary and spices, frozen food, dairy processing, toiletries and garments and textile.