Runner Automobiles, a newly listed company with stock exchange, is going to set up a three wheeler manufacturing plant in Bangladesh with the association of Indian automobile giant Bajaj Auto Ltd.

The local company's board of directors are set to go for agreement with the Indian company to set up the plant with a cost of Tk 300 crore.

Under the agreement, Runner will manufacture and distribute Bajaj's RE 4S 3-wheeler in Bangladesh and will take necessary technical support for localisation of parts and components, assembling and manufacturing of vehicles from Bajaj Auto Ltd.

This will be the first ever three wheeler manufacturing set-up of a global brand in Bangladesh.

By setting up the manufacturing plant with ensuring quality, availability and affordable price, Runner's presence in three wheeler market will be further strengthened, the company hoped in an announcement made today on the Dhaka Stock Exchange website.

Stocks of Runner Automobiles were trading at Tk 59 when the report was filed around 11:30am.

The company debuted with the stock exchange in May 21 last year.