The state-owned Deshbandhu Sugar Mills was handed over to a private company yesterday as part of the government's privatisation programme, reports UNB.

Officials said MR Trading, a business firm of Dhaka, purchased the mill for Tk 17.70 crore, inclusive of its long-term liabilities, following an international tender for the sellout.

Chairman of the Privatisation Board Kazi Zafarullah formally handed over the letter of intent (LOI) to the buyers at a simple ceremony at this office.

Deshbandhu Sugar Mills Ltd, set up long back in 1935 in Narsingdi and brought under the Bangladesh Sugar and Food Industries Corporation after independence, is the first state-run sugar-producing unit denationalised under the current offloading process.

"It is expected the new owners of the mill will shortly reopen it after due balancing and modernisation, creating new job opportunities," the Board management said.