Business Desk : In a move to establish major energy infrastructure, including power generation projects in Bangladesh, Japan's largest energy company JERA, has acquired a 22 percent stake in Summit Power International Limited (Summit) for USD 330 million. Summit is the largest independent power producer (IPP) in fast growing Bangladesh. The investment has been finalized within only four months of signing the memorandum of understanding (MoU) between JERA and Summit in Tokyo in presence of Prime Minister Sheikh Hasina. As a shareholder of Summit, JERA will strive to increase the corporate value of Summit through the efficient construction and operation of its power generation facilities and contribute to the sustainable economic growth of Bangladesh. Summit's Founder Chairman Muhammed Aziz Khan expressed his satisfaction with the investment stating, "Much needed technology and capital for Bangladesh's fast growing power and energy market will be available from JERA with their vast knowledge and balance sheet. JERA by far could be our best partner.
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