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Business deals

JERA to buy 22% stake in Bangladeshi utility for $327m

Japanese company bets big on country's growing energy demand

Jera wants to shore up its business, which is declining in Japan, by expanding into Bangladesh.   © Reuters

TOKYO -- Jera, a joint fuel-procurement venture between Tokyo Electric Power and Chubu Electric Power, has agreed to buy 22% of Bangladeshi power company Summit Power International for 35 billion yen ($327.1 million), the company said on Monday.

Jera is Japan's biggest thermal power generator, but domestic power demand is declining as the population shrinks. The company plans to shore up its business by expanding into Bangladesh, where power demand is growing amid strong economic growth.

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