Listed energy sector company MJL Bangladesh PLC has decided to purchase land as part of its business expansion strategy. To do so, the company will enter into a joint investment with EC Holdings Limited (ECHL), according to information from the Dhaka Stock Exchange (DSE).

Sources say the two companies will jointly invest Tk 214.20 crore to purchase a commercial plot on Gulshan Avenue. MJL Bangladesh will contribute 50% of the investment, while the remaining 50% will be provided by EC Holdings.

The decision was made at a board meeting held on September 30. The land in question is located at Plot No: 3, Block: SW(C), Gulshan Avenue, Gulshan-1, Dhaka, and is valued at Tk 214.20 crore.

MJL Bangladesh stated that the move is aimed at facilitating future business expansion.