Leading steel manufacturer BSRM has announced plans to establish a state-of-the-art fastener manufacturing plant in Bangladesh to produce high-quality bolts and nuts, according to an official statement.
As part of its expansion strategy, the company has also proposed to set up a large wire rods pickling station and enhance production capacity in the wire segment.
In a related move, BSRM Limited and BSRM Steel have each decided to invest Tk200 crore in BSRM Wires Limited through subscription to its shares.
The strategic investment, amounting to a total of Tk400 crore, aims to diversify BSRM Group's portfolio and strengthen its position in the steel and wire products market.
The new facility will focus on producing a range of high-quality wire products, including Low Relaxation Prestressed Concrete (LRPC) wires, welding electrodes, ACSR core wires and chain-link fences, among others.
BSRM said the initiative will not only enhance shareholder value but also contribute to the country's growing demand for industrial fasteners and specialised wire products.