An Indo-Bangla company is poised to win a contract to develop a part of the long-delayed hi-tech park in Kaliakoir, Gazipur after the ICT division recommended their appointment.

The company is a joint venture between Summit Industrial & Mercantile Corporation (Pvt) Ltd (SIMCL) of the local Summit Group and Infinity, an Indian firm.

SIMCL-Infinity's appointment is now pending on the go-ahead from the cabinet committee on economic affairs, to whom the ICT division sent the proposal last week.

If the cabinet committee gives the nod, an agreement will be signed for 40 years, which can be extended by another 20 years. The company is among the seven firms that submitted proposals to the ICT division in April.

Out of seven, four were found responsive. Of them, two managed to submit complete proposals. SIMCL-Infinity was the only candidate that furnished all documents asked by the ICT division.

The government has divided the 232-acre land into five blocks. Of them, the Bangladesh Hi-Tech Park Authority has set aside the number one block for itself, while putting the rest up for tender.

SIMCL-Infinity is set to be awarded the contracts for blocks two and five, spanning over 65 acres and 29 acres of land respectively.

The developer has proposed to invest $114.56 million for block two and $93.03 million for block five of the industrial park. It will develop the infrastructure in 10 years, according to a source closely linked with the project.

SIMCL-Infinity will pay various charges and fees to the Hi-Tech Park Authority from its income: 42.25 percent for block two and 41 percent for block five as rent for built-up spaces, lease money for the land and utility and other charges.

The developers for blocks three and four, each spanning over 76 acres of land, are yet to be finalised.

In 1999, the government decided to set up the park on 232 acres of land belonging to the Kaliakoir Surface Satellite Station.

The project got momentum after the present government first came to power in 2009.

The World Bank, together with UK's DFID and the International Finance Corporation, is backing the venture as it will attract domestic and foreign investment, creating jobs and accelerating growth.

The objective of the hi-tech park project, which will be considered a specialised economic zone, is to establish a world-class business environment and thereby develop the country's IT and IT-enabled services sector.