HSMM Group signs MoU with Nagaland

BHUBANESWAR: Laotian agarwood tycoon Habib Mohammad Chowdhury is all set to expand business to India, investing big in agarwood plantation and products in Nagaland. Chowdhury’s HSMM Group has
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BHUBANESWAR: Laotian agarwood tycoon Habib Mohammad Chowdhury is all set to expand business to India, investing big in agarwood plantation and products in Nagaland. Chowdhury’s HSMM Group has signed an MoU with the Nagaland Government for development of trade ties with agarwood being the driver.

Chowdhury would lead a Laotian delegation to Nagaland to take part in the famous Horn Bill festival in the first week of December to cement the business and cultural ties. “While being part of the cultural festival that includes a car rally with Laotian flag on them, the HSMM Group would draw up the groundwork and plans for its venture in the State. We are not interested in exploiting the natural agarwood resources but converting it to a sustainable and profitable means of income for the people through massive plantations in the region,” Chowdhury said here on Tuesday.

The second largest Indian investor in Laos with varied interests mainly in agarwood, mining, iron and steel, power and real estate, Chowdhury was in Bhubaneswar along with Indian Ambassador to Laos PDR Dr JN Mishra to attend an event organised by the Confederation of Indian Industries (CII) — “International linkage: exploring partnership avenues with overseas countries” — as part of its Enetrprise Orissa 2010 trade expo.

The North Eastern State is rich in agarwood resources and the cooperation entails provision of technology and knowledge for development of the business in the field. Agarwood is one of the most expensive wood in the world, known for its high value incense and perfumes as well as medicinal properties. With great demand in the Middle East, Japan South Korea and India, agarwood chips cost as high as $1000 to $20,000 per kg while the extracted oil is valued at $150 to $350 per 12 gm.

Chowdhury’s $150 million HSMM Group is also ready to launch its own brand of retail goods from garments to consumer durables to household utilities soon. The brand would be available through its own mega store, the first of its kind being established in his native of Hojai in Assam.

“The modern shopping mall with A to Z items available under one roof has gone beyond the construction stages and would be opened soon,” hesaid.

The 42-year-old, who left his homeland in 1997 to take the agarwood business in Laos to new heights, has also set up a charitable organisation JF Foundation to help the needy. The JF Foundation extends education, health, sanitation and basic amenities to the people of his homestate of Assam while also doling out financial assistance to the poor and deprived in times of necessities and distress.

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