Business Desk :
Olympic Industries-a listed food producer, which owns brands named Energy Plus, Tip, Nutty and Pulse-has announced that it will invest Tk 25.65 crore to expand production of bakery items to meet the growing demand.
The top bakery and confectionary product manufacturer disclosed the information on Tuesday in a post on the website of Dhaka Stock Exchange (DSE).
Of the Tk 25.65 crore, Tk 6.49 crore would be invested in the first phase to import and set cupcake making line to produce plain cake and custard cake along with packaging line, nitrogen generator, metal detector and other items from China.
The plain cake production capacity of the imported line would be 475.2 lakh pieces per annum and custard cake 316.80 lakh pieces per annum. The line will be setup at its Lolati factory in Narayanganj.
The company has also decided to develop newly purchased land at Lolati at an estimated cost of Tk 9 crore.
The company would spend around Tk 8.5 crore to construct a five-storied building with a total of 73,000 square feet floor space along with an extension of 7,300 square feet area in tin-shed in its Kutubpur unit.
It estimated to invest around Tk 1.66 crore to enhance production capacity of corrugated carton unit at Kutubpur from 6-6.50 million cartons to 8 million cartons per month.
It would finance the investment from own sources of the company and/or working capital financing, according to the disclosure.
