Bangladesh's biggest biscuit and bakery item producer Olympic Industries has decided to buy an 86-decimal land as part of its future expansion plan.

The company would spend Tk 2.75 crore to purchase the land located behind its biscuit and confectionery unit at Lolati in Narayanganj's Sonargaon upazila.

The company will also spend Tk 28.89 lakh as registration fee and other miscellaneous expenses, including fees for obtaining certified copy of purchase deed.

Olympic will not keep the land idle, rather it will mainly be used for future expansion, said a mid-level official of the company preferring anonymity.

"However, the company still does not have any concrete plan of expansion."

Stocks of Olympic Industries dropped 1.87 per cent from the previous day to end the day at Tk 147 today.