RPCL is going to establish a Smart Prepayment Meter Assembling & Electrical Equipment Manufacturing Plant at Tongi,Gazipur on joint venture with Shenzhen Star Instrument Co., Ltd. (Star Instrument), China with shareholding of RPCL 51% and Shenzhen Star Instrument Co., Ltd.(Star Instrument) 49%. The name of the Joint Venture Company (JVC) is Bangladesh Power Equipment Manufacturing Company Ltd. (BPEMC).
For the establishment of the JVC a non-binding Memorandum of Understanding (MoU) was signed on June 25, 2018 between the parties (RPCL & Shenzhen Star Instrument Co., Ltd. (Star Instrument)) In pursuant to the provisions laid down in MoU, a draft Joint Venture Agreement (JVA) was prepared which in addition to MoA & AoA was approved by the Cabinet on Augusts 19, 2019 with the recommendation of Power Division, MPEMR.
Getting approval from the Cabinet, the Joint Venture Agreement (JVA) was signed between RPCL & Star Instrument. Thereafter, the Company was registered with "Registrar of Joint Stock Companies & firms (RJSC)" on 31 October, 2019 and owned Certificate of Incorporation. The 1st Board Meeting of the Company (Bangladesh Power Equipment Manufacturing Company Limited) was held on 17 November 2019. For the time being Chief Executive Officer (CEO), Chief Technical Officer (CTO), Chief Financial Officer (CFO) and the Company Secretary was appointed among the officials of RPCL, providing them with additional charge to run the Company.
The authorized share capital and paid up capital of BPEMC is BDT 4.00 (four) crore and BDT 3.6 (three point six) crore respectively having a capacity of manufacturing 10.00 (ten) lac single phase and 1.00 (one) lac three phase smart prepaid meters per year. The Smart Prepaid Meters & Electrical Equipments manufactured by the Company, after meeting the local demands, will be exported abroad.
To establish the smart pre-payment meter assembling plant and its office, a space of 19000 square ft is hired in Sena Kalyan Commercial Complex (4th floor, south side) ,Tongi, Gazipur. Procurement of equipment and space needed for the plant is in progress. The company will able to assemble prepaid meters by june,2020 in its plants.
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