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Consumer corporate plans spreading its wings

Deshbandhu Group for Tk 100b fresh investment

Hopes to generate 15,000 new jobs in several ventures

FE REPORT | February 06, 2024 00:00:00

Already a household name, Deshbandhu Group is all set for investing Tk 100 billion in several fresh ventures avowedly to boost the nation's economy and generate employment, officials said.

The industrial units the corporate is undertaking happen to be import-substitution ones for local consumption and also export-boosters.

Company officials say the new investments will be across sectors like PSF and PET Industries, Steel Mills, Consumer Goods, Electric Vehicles Assembly Plant, Eco Brix Industry, Western Footwear and a Lithium Ion Battery Plant.

The group anticipates creating approximately 15,000 new jobs, thereby increasing its total workforce from around 25,000 to 40,000.

Apart from its Deshbandhu Sugar Mill, one of the leading sugar suppliers in Bangladesh, the company has also started building a new European-standard sugar mill with 1500-tonne daily capacity with a Tk 15.0 billion worth of investment.

Mohammad Arif Hossain, senior general manager of Deshbandhu Group, rolled out the business-expansion bid during a visit to few factories of the company at Charsindur, Palash industrial area of Narsingdi.

He said total production capacity of Deshbandhu Group will be 3,000 tonnes of sugar per day with completion of the new sugar plant by 2026.

"In 2023, the Group expanded its business scope with a new investment of Tk 5.0 billion, completing infrastructure construction for producing cent-percent exportable FIBC bags," he said.

Production is scheduled to commence in June 2024, creating employment opportunities for 2,000, he said.

Additionally, investments in ventures like the Western Footwear Industry in Taltali and a crude-oil refinery in Malita are contributing to rural economic development and job creation.

Furthermore, says Mr Hossain, the conglomerate has undertaken a Tk 25-billion project covering various industries such as Steel Re-Rolling Mills, Consumer Goods, Electric Vehicles Assembly Plant, Eco Brix Industry, and a Lithium Ion Battery Plant.

Set up on a 50-acre site in Hatikumrul, Sirajganj, this venture aims to generate employment for an additional 5,000 people upon full-scale production by 2028, he said.

Other ongoing projects include the establishment of a Power Pack Economic Zone near Mongla seaport and PSF & PET Industries in Mongla, which are expected to create employment for approximately 2,000 individuals.

Engineer ABM Arshad Hossain, resident director of the Palash industrial area, emphasized the group's dedication to serving the country by maintaining internal production amid the pandemic.

He highlighted Deshbandhu Group's contribution to producing essential food products, including sugar and beverages, "not only for profit but also to support the nation".

He spoke highly of the group's resilience during the COVID-19 pandemic, ensuring no worker lost their job while hundreds of new positions created.

Its business strategy involves expanding existing industries and establishing new ones, focusing on producing high-quality goods for both domestic and international markets.

Golam Mustafa, chairman of the group, said their aim is to raise employment as well as pivot the country's dynamic economy forward.

He said the Group's investment currently created employment for 25,000 people.

"Attempts are being made to invest more extensively in new areas. If everything goes well, employment will exceed 40,000 in our factories within 2028," the industrial said, with his sights set high.

And the company has also a target to make Tk 1.0 billion worth of exports annually after completion of the projects.

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