Hexing signs joint venture pact to produce smart electrical equipment in Bangladesh.
Time：2018-10-23
Hexing signed a joint venture pact with a state-owned Bangladeshi firm to develop a new company in the country's southern Khulna region to produce smart electrical equipment on October 21st.
Officials of the Bangladeshi State-owned West Zone Power Distribution Company (WZPDCL) and Chinese Hexing Electrical Company Limited signed the joint venture deal to develop the new company namely "Bangladesh Smart Electrical Company Limited".
Bangladeshi State Minister for Power and Energy Nasrul Hamid, among others, witnessed the signing ceremony.
Abdul Motaleb, company secretary of WZPDCL, and Zhou Liangzhang , chairman of Hexing Electrical Company Limited, signed the deal on behalf of their respective sides to develop the factory.
The signed contract between WZPDCL and HEXING will facilitate a joint venture company JVC) being first state-owned company in Bangladesh for implementing a plant for manufacturing Smart Pre-Payment Meter and other electrical appliances in Khulna, Bangladesh in compliance with Applicable Law (s) with WZPDCL and HEXING subscribing to share capital of the JVC in the ratio of 51:49 respectively (WZPDCL, Bangladesh 51 percent& and HEXING, China 49 percent).
Md Shafique Uddin, Managing Director of WZPDCL, said that the joint venture company will set up a manufacturing plant within the next two months with a view to starting production from early next year.
He also expressed the hope that the plant will produce about half a million single phase smart pre-paid meters annually.
Apart from reducing prices of such smart meters in Bangladesh, he said the new company will help create employment opportunity for many people.
