India and Bangladesh has signed an agreement for the formation of a 50:50 Joint Venture Company (JVC). This 50:50 Joint Venture Company has been formed for LPG business in Bangladesh. The agreement was signed between the RR Holdings Ltd., Ras Al Khaimah, UAE, the holding company of Beximco LPG of Bangladesh, and IOC Middle East FZE, Dubai, a wholly-owned subsidiary of Indian Oil Corporation (IOC).
The Joint Venture Company (JVC) will help in reducing the import cost of LPG and provide it to the people of Bangladesh at an affordable price. It also aims to expand into other linked businesses such as LNG, Petrochemicals, including the LPG export through pipeline to the North East India.