Desk Report:
Rancon Lubricants Limited has leased 6.5 acres of developed land at the National Special Economic Zone in Mirsharai, Chattogram. To this end, the company has signed a land lease agreement with ‘Invest Bangladesh’.
At the signing ceremony held in Dhaka on Monday (October 5, 2026), Nahian Rahman Rochi, Member (Investment Development) of Invest Bangladesh, and Imran Zaman Khan, Managing Director of Rancon Lubricants Limited, signed the agreement on behalf of their respective organizations.
Under the agreement, Rancon Lubricants will invest approximately US$ 19.65 million to establish an industrial unit in the Mirsharai National Special Economic Zone. The proposed industrial project is expected to create employment for more than 250 people.
Speaking at the event, Nahian Rahman Rochi noted that this is the first land lease agreement signed by Invest Bangladesh following the merger of three investment development agencies. He stated that investment commitments from anchor investors like Rancon Lubricants reflect confidence in the new organization. At the same time, such investments will help build confidence among other potential investors.
According to the agreement, the lease will remain valid for 50 years from the date of handing over possession of the land. There will be an option to renew the lease subsequently, subject to the terms and conditions set by Invest Bangladesh. The land handover is scheduled to take place within 90 days of signing the agreement.
Upon receiving possession of the land, Rancon Lubricants must commence construction work within 120 days. A target has been set for the industrial unit to begin production within a maximum of 36 months following the land handover.
Invest Bangladesh will assist in ensuring the necessary utility connections for the project’s implementation. Additionally, the company will be supported in availing applicable government-announced benefits related to customs duties, VAT, and taxes. Meanwhile, Rancon Lubricants will comply with all regulations regarding the environment, labor, and safety, in addition to obtaining the necessary government approvals. The agreement includes provisions for establishing on-site treatment facilities for waste and sewage management and ensuring connectivity with the economic zone’s common effluent treatment and waste management systems.
The agreement incorporates mechanisms for the regular monitoring of project activities and compliance with contractual terms. In the event of any breach of conditions, the agreement stipulates that the concerned party must be granted a specific timeframe to rectify the violation before the contract can be terminated. It also provides for the resolution of disputes through arbitration in accordance with the Arbitration Act, 2001.
Stakeholders anticipate that this investment by Rancon Lubricants will play a positive role in fostering industrialization and job creation within the National Special Economic Zone in Mirsarai, while also helping to attract both domestic and foreign investment to Bangladesh.
