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Meghna Group of Industries

From Wikipedia - Reading time: 9 min
Not to be confused with Meghna Group.

Meghna Group Of Industries
Company typePrivate company
IndustryConglomerate
Founded1976; 48 years ago (1976) in Dhaka, Bangladesh
FounderMostafa Kamal
HeadquartersGulshan,
Dhaka
,
Bangladesh
Key people
Mostafa Kamal (chair and managing director)
RevenueIncrease৳200 billion
US$2.5 billion (2017)
Number of employees
35,000 (2020)
Websitemgi.org
Footnotes / references
[1][2][3]

Meghna Group of Industries (MGI) is one of the largest Bangladeshi industrial conglomerates.[4] The industries under this conglomerate include chemicals, cement, consumer products, real estate, insurance, securities, utilities, etc.[5]

History

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1970s

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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

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The company has encountered fluctuations and challenges throughout its journey, experiencing both periods of success and setbacks. But in 1989, The company expanded its business by establishing a subsidiary company Meghna Vegetable Oil Industries Limited. Also in 1980s, the company became "Meghna Group" as a group of companies.[6][7]

1990s

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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 its another subsidiary company to manufacture small bags, United Fibre Industries Limited.[10]

2000s

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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. To further enhance their Bag manufacturing capabilities, 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

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

In June 2013 Mr 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 300 million USD in the Meghnaghat Economic Zone to build eight new manufacturing units.[22] At the June of this year, Meghna Sugar Refinery Limited, a sister concern of the Group received an 82 million USD loan from a consortium of German Development Finance Institution, FMO, Oesterreichische Entwicklungsbank AG, and the Islamic Corporation for the Development of the Private Sector.[23] Its factory has 3000 tonnes sugar refine capacity per day.[24]

2020s

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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, further expanding their fleet to a total of 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]

Its ceramic company Meghna Ceramic Industries Limited became the member of Bangladesh Ceramic Manufacturers & Exporters Association (BCMEA) at the mid of August of this year.[30]

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 35 million USD from International Finance Corporation (IFC).[31]

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, further expanding their fleet to a total of twenty-two vessels.[32]

List of economic zones

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Meghna Group of Industries (MGI) owned and operated three private economic zones among twenty-nine in Bangladesh under Bangladesh Economic Zones Authority (BEZA).[33][34]

Sn. Name Gazetted on Land Size Employment Opportunity Suitable Industries Cost of Infrastructure Location Authority Ref.
1 Meghna Economic Zone (MEZ) 18 August 2016 245 acres 20,000+ Pulp & Paper
Tissue,
Sanitary Napkin,
Baby Diaper,
Power Plant,
Oil Refinery,
Flour Mill,
PVC (Resin) Plant,
Petrochemicals,
Ceramics
LPG plant etc. 		175 million USD Meghna Ghat, Sonargaon, Narayangonj Bangladesh Economic Zones Authority (BEZA) BEZA Website[35][36]
2 Meghna Industrial Economic Zone (MIEZ) 21 September 2017 110 acres Beverage,
Food items,
Fiber bag,
Steel Construction,
Plastic, Packaging Film,
Pharmaceutical Bottles,
Garments Accessories,
Plastic items,
Chemicals etc. 		600 million USD Tipordi, Mograpara, Sonargaon, Narayangonj BEZA Website[37]
3 Cumilla Economic Zone (CEZ) 13 April 2022 245 acres 50,000+ 2 billion USD Meghna Upazila, Cumilla District [34][38]

Subsidiaries

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  • Fresh (fast moving consumer goods)[39]
  • Meghna Vegetable Oil Industries Limited[7]
  • Meghna Sugar Refinery Limited[23]
  • Meghna Beverage[6]
  • Unique Cement Fiber Industries[6]
  • Fresh Cement[40]
  • Sonargaon Steel Fabricate Limited[21]
  • Sonargaon Green Concrete Bricks and Blocks[41]
  • Kamal Trading Company
  • Fresh Ceramics[27]
  • Tasnim Chemical Complex Limited[12]
  • Meghna PVC Limited[42]
  • Meghna Economic Zone[43]
  • Meghna Industrial Economic Zone Limited[44]
  • Cumilla Economic Zone[45]
  • Everest CNG Refueling & Conversion Limited[13]
  • MGI Transport and Logistics[46]
  • Fresh LPG[47]
  • Meghna Power[48]
  • Meghna Pulp & Paper Mills Limited[49]
  • Fresh exercise books[50]
  • Fresh Paper[51]
  • Meghna Ballpen & Accessories Mfg. Limited[52]
  • Sonargaon Printing & Packaging Industries Limited[53]
  • Meghna Foil Packaging Limited[54]
  • Fresh Happy Nappy Diaper[55]
  • United Feeds Limited[11]
  • Soya Bean & Rape Seed processing plant[56]
  • Meghna Seeds Crushing Mills Limited[57]
  • United Fibre Industries Limited[10]
  • Tanveer Polymer Industries Limited[10]
  • Meghna Aviation Limited[14]
  • Meghna Shipping[58]
  • Bangladesh National Insurance Company Limited[8]
  • Dhaka Securities Limited[59]
  • Meghna Hotel and Resorts[60]
  • The Central Hospital Limited[61]
  • The Barakah General Hospital Limited[61]
  • Meghna Information Technology[62]
  • Meghna Properties Limited[63]
  • Ekkator Television[16]

See also

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References

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  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. ^ a b c Rahman, Sajjadur (20 May 2017). "Meghna Group keeps roaring". The Daily Star. Retrieved 22 February 2023.
  7. ^ a b "About | Meghna Group of Industries". www.mgi.org. Retrieved 22 February 2023.
  8. ^ a b "Financial Institutions". mgi.org. Retrieved 22 February 2023.
  9. ^ "Board of Directors". BNIC.
  10. ^ a b c d "Fibre". mgi.org. Retrieved 22 February 2023.
  11. ^ a b "Feeds". mgi.org. Retrieved 22 February 2023.
  12. ^ a b "Basic Chemicals". mgi.org. Retrieved 21 February 2023.
  13. ^ a b "CNG Refueling & Conversion". mgi.org. Retrieved 22 February 2023.
  14. ^ a b "Aviation". mgi.org. Retrieved 22 February 2023.
  15. ^ "Corporate commercial use of helicopters rising high".
  16. ^ a b "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. ^ a b c d 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. ^ a b "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. ^ a b "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. ^ "BCMEA || Member Info".
  31. ^ "IFC to provide $35m to Tanveer Food Ltd".
  32. ^ Hossain, Moinul (26 February 2023). "Meghna Group adds four new oceangoing vessels to fleet". The Daily Star. Retrieved 20 March 2023.
  33. ^ "Economic Zones Site « BEZA".
  34. ^ a b "Meghna to set up economic zone in Cumilla". 11 April 2022.
  35. ^ "Meghna Economic Zone (MEZ) « BEZA".
  36. ^ প্রধানমন্ত্রীর কার্যালয় প্রজ্ঞাপন (PDF). Bangladesh Gazette (in Bengali). 18 August 2016.
  37. ^ "Meghna Industrial EZ « BEZA".
  38. ^ "Cumilla Economic Zone gets final govt nod".
  39. ^ "Edible Oil". mgi.org. Retrieved 21 February 2023.
  40. ^ "Cement". mgi.org. Retrieved 21 February 2023.
  41. ^ "Bricks & Blocks". mgi.org. Retrieved 21 February 2023.
  42. ^ "Petrochemicals". mgi.org. Retrieved 21 February 2023.
  43. ^ "Meghna Economic Zone". mgi.org. Retrieved 21 February 2023.
  44. ^ "Meghna Industrial Economic Zone". mgi.org. Retrieved 21 February 2023.
  45. ^ "Cumilla Economic Zone". mgi.org. Retrieved 22 February 2023.
  46. ^ "Transport & Logistics". mgi.org. Retrieved 22 February 2023.
  47. ^ "LPG". mgi.org. Retrieved 22 February 2023.
  48. ^ "Power Generation". mgi.org. Retrieved 22 February 2023.
  49. ^ "Tissue Paper". mgi.org. Retrieved 22 February 2023.
  50. ^ "Exercise Book". mgi.org. Retrieved 22 February 2023.
  51. ^ "Printing and Writing Paper". mgi.org. Retrieved 22 February 2023.
  52. ^ "Ball Pen". mgi.org. Retrieved 22 February 2023.
  53. ^ "Corrugated Packaging". mgi.org. Retrieved 22 February 2023.
  54. ^ "Foil Packaging". mgi.org. Retrieved 22 February 2023.
  55. ^ "Diaper". mgi.org. Retrieved 22 February 2023.
  56. ^ "Seeds Crushing". mgi.org. Retrieved 22 February 2023.
  57. ^ "Seeds Crushing". mgi.org. Retrieved 22 February 2023.
  58. ^ "Shipping". mgi.org. Retrieved 22 February 2023.
  59. ^ "Capital Market". mgi.org. Retrieved 22 February 2023.
  60. ^ "Hospitality". mgi.org. Retrieved 22 February 2023.
  61. ^ a b "Health Care". mgi.org. Retrieved 22 February 2023.
  62. ^ "Information Technology". mgi.org. Retrieved 22 February 2023.
  63. ^ "Real Estate". mgi.org. Retrieved 22 February 2023.
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