Bangladesh's Beximco and Indian Oil Corporation (IOC) signed a deal to form a joint venture company for LPG business in Bangladesh.

RR Holdings Ltd., a UAE-based firm and the holding company of Beximco LPG of Bangladesh and IOC Middle East FZE, Dubai, a wholly-owned subsidiary of Indian Oil Corporation, India's largest refiner and marketer of petroleum products, on Tuesday signed an agreement in a virtual meeting.

Dharmedra Pradhan, minister for petroleum and natural gas and steel of India, Salman Fazlur Rahman, private industry and investment adviser to the Prime Minister of Bangladesh and Nasrul Hamid, state minister for Power, Energy and Mineral Resources of Bangladesh were present among others at the signing of the deal happened online.

RR Holdings and IOC Middle East will own equal shares in the joint venture company.