Saudi Arabian business tycoon Nagi Al Awad is set to propose an investment of $3bn in oxygen manufacturing in Bangladesh.

Nagi Al Awad, also chairman of Al Awad Group, is interested in a take over of state-owned Bangladesh Shilpa Rin sangstha (BSRS), to set up a 500 MW power plant and a 100 percent export-oriented oxygen manufacturing plant in Bangladesh.

His representative visited Dhaka in January and expressed the investment interest, according to reports, which add $quot;they have so far finalized two initial agreements with their local counterparts on the power and oxygen plants.$quot;

In a statement Mr Nagi Al Awad said he planned to meet with Bangladesh's Finance and Commerce Advisor Mirza Azizul Islam on March 1 and officially submit the investment proposal on March 3.

They will sign a joint venture Memorandum of Understanding with Industry Power Company Limited for the power plant and Bangladesh Welding Electrodes for the oxygen plant.

The Saudi business group already has business interest in medical oxygen, medical equipment, banking, leather and hydrocarbon business in other countries of the world.