Meghna Group of Industries

Last updated

Meghna Group Of Industries
Company typePrivate company
Industry Conglomerate
Founded1976;49 years ago (1976) in Dhaka, Bangladesh
Founder Mostafa Kamal
Headquarters Gulshan,
Dhaka
,
Bangladesh
Key people
Mostafa Kamal (chair and managing director)
RevenueIncrease2.svg ৳200 billion
US$2.5 billion (2017)
Number of employees
35,000 (2020)
Website mgi.org
Footnotes /references
[1] [2] [3]

Meghna Group of Industries (MGI) is a Bangladeshi industrial conglomerate. [4] It has business interests in chemicals, cement, consumer products, real estate, insurance, securities, and utilities, among others. [5]

Contents

History

1970s

Meghna Group traces its origins to Kamal Trading Company, established in 1976 by Mostafa Kamal. But early in the business poor-quality products were seized by customs, jeopardizing his first venture into small-scale imports.

1980s

In 1989, The company established a subsidiary company Meghna Vegetable Oil Industries Limited. Also in 1980s, the company became "Meghna Group" as a group of companies. [6] [7]

1990s

In May 1996, the group made its foray into the financial sector by establishing Bangladesh National Insurance Company Limited (BNIC), with Mostafa Kamal assuming the position of chairman. [8] [9]

In 1999, Meghna Group established another subsidiary company to manufacture small bags, United Fibre Industries Limited. [10]

2000s

In 2001 Meghna Group established United Feeds Limited to produce poultry feed. [11]

In 2002 Meghna Group established an export-oriented WPP bag manufacturing company Tanveer Polymer Industries Limited. The group added a new plant in 2009, Global AD Star Bag Industries Limited. [10] The group entered into the CNG and Chemical business and established Everest CNG Refueling & Conversion Limited & Tasnim Chemical Complex Limited. [12] [13]

2010s

In 2011, Meghna Group founded Meghna Aviation Limited as a helicopter rental service and owns four helicopters. [14] [15]

In June 2013, Kamal bought Ekattor TV's 50% of shares from its founder Mozammel Hossain and entered into the news media business by holding the ownership under Meghna Group. [16] [17] Later the Channel recognized as the fifth biggest publisher of fake news in Bangladesh by Rumor Scanner Bangladesh, a fact-checking organization. [18]

In 2016 Meghna Group planned to build a PVC factory in the country's first private economic zone, Meghna Economic Zone. [19] [20]

In 2017 The Group launched Sonargaon Steel Fabricate Limited. [21]

In March 2018 Meghna Group announced an investment of US$300 million in the Meghnaghat Economic Zone to build eight new manufacturing units. [22] In June, Meghna Sugar Refinery Limited, a sister concern of the Group received an US$82 million loan from a consortium of German Development Finance Institution, FMO, Oesterreichische Entwicklungsbank, and the Islamic Corporation for the Development of the Private Sector. [23] Its factory has 3000 tonnes sugar refine capacity per day. [24]

2020s

In March 2021 The Meghna Group of Industries entered the shipping business by launching two oceangoing vessels, MV Meghna Princess and MV Meghna Adventure, with a carrying capacity of 62,500 tonnes each, increasing the size of its fleet to eight vessels. [25]

In August 2021 the Group also entered the ceramic business with the brand Fresh Ceramics under Meghna Ceramic Industries Limited. The group invested around 5 billion taka in building its manufacturing unit at Narayanganj District. [26] [27]

In April 2022 Meghna Group initiated to build of its third economic zoneCumilla Economic Zone with an investment of 1.2 billion BDT(1200 Crore taka) in 350 acres of land. [28]

The group also started construction for its manufacturing unit for rice mill and rice bran oil plant at Bogra District under one of its sister concern, Tanveer Foods Limited in this year. [21] And runs its business by storing 2000 metric tons of paddy with its under-construction manufacturing unit. Thus, the foods were seized by the Directorate General of Food at the end of this year. [29]

In January 2023 Meghna Group plans to establish another rice mill at Bogura District with an investment of 7 billion BDT(7 billion Taka).After July, Rice Bran Oil Plant launched. [21] Later in March, Tanveer Foods Limited (TFL) got an investment of US$35 million from International Finance Corporation (IFC). [30]

In 2023, MGI launched four new oceangoing vessels MV Meghna Victory, MV Meghna Prestige, MV Meghna Hope and MV Meghna Progress, with a carrying capacity of 66000 tonnes each, expanding its fleet size to 22 vessels. [31]

List of economic zones

Meghna Group of Industries (MGI) owned and operated three private economic zones among twenty-nine in Bangladesh under Bangladesh Economic Zones Authority (BEZA). [32] [33]

Sn.NameGazetted onLand SizeEmployment OpportunitySuitable IndustriesCost of InfrastructureLocationAuthorityRef.
1Meghna Economic Zone (MEZ)18 August 2016245 acres20,000+Pulp & Paper
Tissue,
Sanitary Napkin,
Baby Diaper,
Power Plant,
Oil Refinery,
Flour Mill,
PVC (Resin) Plant,
Petrochemicals,
Ceramics
LPG plant etc.		175 million USDMeghna Ghat, Sonargaon, Narayangonj Bangladesh Economic Zones Authority (BEZA) BEZA Website [34] [35]
2Meghna Industrial Economic Zone (MIEZ)21 September 2017110 acres10,000+Beverage,
Food items,
Fiber bag,
Steel Construction,
Plastic, Packaging Film,
Pharmaceutical Bottles,
Garments Accessories,
Plastic items,
Chemicals etc.		600 million USDTipordi, Mograpara, Sonargaon, Narayangonj BEZA Website [36]
3Cumilla Economic Zone (CEZ)13 April 2022245 acres50,000+2 billion USD Meghna Upazila, Cumilla District [33] [37]

Subsidiaries

See also

References

  1. ↑ "Board of Directors". Meghna Group of Industries. Archived from the original on 23 December 2013.
  2. ↑ মেঘনাপারের জাদুকর. Prothom Alo (in Bengali).
  3. ↑ Sajjadur Rahman (26 March 2018). "Meghna sets up eight new plants for $300m". The Daily Star .
  4. ↑ "Business with a vision". The Daily Star. 25 October 2016. Retrieved 29 October 2016.
  5. ↑ "Meghna opens five new units". The Daily Star. 29 April 2012. Retrieved 29 October 2016.
  6. 1 2 3 Rahman, Sajjadur (20 May 2017). "Meghna Group keeps roaring". The Daily Star. Retrieved 22 February 2023.
  7. 1 2 "About | Meghna Group of Industries". www.mgi.org. Retrieved 22 February 2023.
  8. 1 2 "Financial Institutions". mgi.org. Retrieved 22 February 2023.
  9. ↑ "Board of Directors". BNIC.
  10. 1 2 3 4 "Fibre". mgi.org. Retrieved 22 February 2023.
  11. 1 2 "Feeds". mgi.org. Retrieved 22 February 2023.
  12. 1 2 "Basic Chemicals". mgi.org. Retrieved 21 February 2023.
  13. 1 2 "CNG Refueling & Conversion". mgi.org. Retrieved 22 February 2023.
  14. 1 2 "Aviation". mgi.org. Retrieved 22 February 2023.
  15. ↑ "Corporate commercial use of helicopters rising high".
  16. 1 2 "Media". mgi.org. Retrieved 22 February 2023.
  17. ↑ বিক্রি হয়ে যাচ্ছে টিভি চ্যানেলের মালিকানা. Prothom Alo (in Bengali). 20 October 2013. Retrieved 11 April 2022.
  18. ↑ "Fact-checkers find no New Age report as fake".
  19. ↑ "Meghna to build PVC plant at its economic zone". The Daily Star. 24 August 2016. Retrieved 22 February 2023.
  20. ↑ Chowdhury, Sarwar A. (21 July 2016). "Meghna Group to get go-ahead for first private economic zone". The Daily Star. Retrieved 22 February 2023.
  21. 1 2 3 4 Hossain, Moinul (25 January 2023). "Meghna Group of Industries, TK Group enter rice milling". The Daily Star. Retrieved 22 February 2023.
  22. ↑ Rahman, Sajjadur (26 March 2018). "Meghna sets up eight new plants for $300m". The Daily Star. Retrieved 22 February 2023.
  23. 1 2 "Meghna bags $82m foreign loan for sugar plant". The Daily Star. 28 November 2018. Retrieved 22 February 2023.
  24. ↑ "Sugar crisis hits consumers".
  25. ↑ "Meghna Group launches two oceangoing vessels". The Daily Star. 11 March 2021. Retrieved 22 February 2023.
  26. ↑ "Meghna Group now making ceramic tiles". 24 August 2021.
  27. 1 2 "Meghna Group enters ceramic sector". The Daily Star. 23 August 2021. Retrieved 22 February 2023.
  28. ↑ "Meghna to set up economic zone in Cumilla". The Daily Star. 11 April 2022. Retrieved 22 February 2023.
  29. ↑ "2 thousand metric tons of paddy seized from Meghna Group warehouse". December 2022.
  30. ↑ "IFC to provide $35m to Tanveer Food Ltd".
  31. ↑ Hossain, Moinul (26 February 2023). "Meghna Group adds four new oceangoing vessels to fleet". The Daily Star. Retrieved 20 March 2023.
  32. ↑ "Economic Zones Site « BEZA".
  33. 1 2 "Meghna to set up economic zone in Cumilla". 11 April 2022.
  34. ↑ "Meghna Economic Zone (MEZ) « BEZA".
  35. ↑ প্রধানমন্ত্রীর কার্যালয় প্রজ্ঞাপন (PDF). Bangladesh Gazette (in Bengali). 18 August 2016.
  36. ↑ "Meghna Industrial EZ « BEZA".
  37. ↑ "Cumilla Economic Zone gets final govt nod".
  38. ↑ "Edible Oil". mgi.org. Retrieved 21 February 2023.
  39. ↑ "Cement". mgi.org. Retrieved 21 February 2023.
  40. ↑ "Bricks & Blocks". mgi.org. Retrieved 21 February 2023.
  41. ↑ "Petrochemicals". mgi.org. Retrieved 21 February 2023.
  42. ↑ "Meghna Economic Zone". mgi.org. Retrieved 21 February 2023.
  43. ↑ "Meghna Industrial Economic Zone". mgi.org. Retrieved 21 February 2023.
  44. ↑ "Cumilla Economic Zone". mgi.org. Retrieved 22 February 2023.
  45. ↑ "Transport & Logistics". mgi.org. Retrieved 22 February 2023.
  46. ↑ "LPG". mgi.org. Retrieved 22 February 2023.
  47. ↑ "Power Generation". mgi.org. Retrieved 22 February 2023.
  48. ↑ "Tissue Paper". mgi.org. Retrieved 22 February 2023.
  49. ↑ "Exercise Book". mgi.org. Retrieved 22 February 2023.
  50. ↑ "Printing and Writing Paper". mgi.org. Retrieved 22 February 2023.
  51. ↑ "Ball Pen". mgi.org. Retrieved 22 February 2023.
  52. ↑ "Corrugated Packaging". mgi.org. Retrieved 22 February 2023.
  53. ↑ "Foil Packaging". mgi.org. Retrieved 22 February 2023.
  54. ↑ "Diaper". mgi.org. Retrieved 22 February 2023.
  55. 1 2 "Seeds Crushing". mgi.org. Retrieved 22 February 2023.
  56. ↑ "Shipping". mgi.org. Retrieved 22 February 2023.
  57. ↑ "Capital Market". mgi.org. Retrieved 22 February 2023.
  58. ↑ "Hospitality". mgi.org. Retrieved 22 February 2023.
  59. 1 2 "Health Care". mgi.org. Retrieved 22 February 2023.
  60. ↑ "Information Technology". mgi.org. Retrieved 22 February 2023.
  61. ↑ "Real Estate". mgi.org. Retrieved 22 February 2023.
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