Berger Paints Bangladesh has tied up with UK-based construction solutions provider Fosroc International to set up a joint venture company that would produce construction chemicals.

Rupali Chowdhury, managing director of Berger, and Ian Watt, group CEO and director of Fosroc, signed the deal on behalf of their respective organisations at Le M^ridien Dhaka on Wednesday.

Each party will hold equal stakes in the entity, Berger Fosroc Ltd, which will be built at an estimated cost of Tk 60 crore.

Berger Fosroc Ltd will provide solutions to all sectors of the construction industry, specialising in solutions for building construction, industrial facilities, power plants and all types of transportation and civil infrastructure.The new company will create employment of over 100 people, according to Sadeque Nawaj, general manager of Berger. He told The Daily Star yesterday that the factory would be built near Dhaka in one year.

Amir Hossain Amu, industries minister, attended the signing as chief guest. He thanked all concerned for initiating the joint venture and bringing in foreign direct investment.

"I expect this initiative would encourage others to invest in Bangladesh," said the minister.

Berger Paints Bangladesh, one of the oldest names in the paint industry, is a publicly listed company. Per share of Berger rose by Tk 35.2 to close at Tk 2,164.9 in Dhaka Stock Exchange yesterday.

On the other hand, Fosroc is a leading international manufacturer and supplier of high performance chemicals for the construction industry, with particular focus on concrete and cement.

Alison Blake, British High commissioner, Dr lames Muir Hay, chairman of JMH Croup, Gerald K Adams, chairman of Berger Paints, Fitriani Hay, chairman of Fosroc International, and other board members of the companies were present.