Siam Cement Industries of Thailand and Siambangla White Cement Industries Ltd, a concern of Meghna Group, have signed a joint venture agreement to set up a white cement industry in Dhaka, according to the Daily Star.

Siambangla White Cement Industries Ltd will be financed by Dutch-Bangla Bank Ltd, says the Star. The 60,000-ton capacity industry is likely to start operation by March 2002.

Siambangla White Cement will produce and market the same “Elephant” brand white cement now existing in the local market, imported directly from Siam Cement.