The Daily Star reported that BSRM Group is set to establish a wire manufacturing plant at Mirsarai in Chattogram at a cost of Tk 459 crore as the country's leading steel manufacturer looks to capitalise on the impending construction boom in Bangladesh. The plant will have the capacity to manufacture 77,000 tonnes of wires a year, which would be a combination of galvanised wire, LRPC wire, welding electrode and CO2 wire. Alihussain Akberali, chairman of BSRM Group said “To be christened BSRM Wires, the new concern of the port city-based business group will manufacture four types of wires that are currently imported. The prices of raw materials of wires are very low in the international market but the prices of the finished goods end up being high for Bangladesh due to imports. Local manufacturing will reduce their prices.Plant is expected to roll from next year.”

The plant is being implemented with 70 percent bank financing and 30 percent equity investment. BSRM has already raised Tk 321 crore from different banks, with the rest being equity investment. Dhaka Bank arranged the fund through syndication with six other banks -- Bank Asia, City, NCC, Modhumoti and Mercantile -- and one financial institution, the Saudi-Bangladesh Industrial and Agricultural Investment Company.