Meghna Group sets up four new units costing Tk 5.0b ***
Friday, 6 May 2011
Monira Munni
The Meghna Group of Industries (MGI) is expanding its business horizon through launching four more manufacturing units this month with a fresh investment of about Tk 5.0 billion. The units - Tasnim Condensed Milk, Janata Flour Mills, Janata Dal Mills, and Global Ad Star Bag Industries - have been established on 14 acres of land at the group's industrial park in Narayanganj. The factories will go for commercial production with a launching ceremony tomorrow (May 07), officials said. Packaging bags for products like cement, poultry feed, fish feed, rice and fertiliser, and essential items like condensed milk, dal (pulses), atta, maida and suji will be produced in the new factories. "We have taken the risk of investing about Tk 5.0 billion in the four factories, focusing the rising domestic demand and export potential," MGI chairman and managing director Mostafa Kamal told the FE Thursday. The conglomerate, with an annual sales turnover of $1.0 billion, has raised fund for establishing the new units from its group equity and bank loan. The group has 8,000 permanent employees and 4,000 temporary employees. The four industries will create new employment opportunities for over 1,500 people, on direct and makeshift basis. The new condensed milk unit is the largest of its kind in the country with the production capacity of 120 tonnes per day, where modern hi-tech and automation technology has been used, the MGI chairman claimed. He said the production capacity of the packaging bag factory is around 0.2 million pieces per day. Its products will be exported to India, the UAE, Sri Lanka, Vietnam, and the European Union countries. The other two mills will be able to produce around 800 tonnes of dal (yellow peas and red lentil) and 430 tonnes of atta, maida and suji per day, Mr Kamal said. "We want to consolidate our position in the market by slashing production cost," he added. MGI mainly produces consumer items under the brand name of 'Fresh'. The group earned over Tk 10.00 billion revenue in fiscal 2009-10, and paid over Tk 5.0 billion to the public exchequer.
The Meghna Group of Industries (MGI) is expanding its business horizon through launching four more manufacturing units this month with a fresh investment of about Tk 5.0 billion. The units - Tasnim Condensed Milk, Janata Flour Mills, Janata Dal Mills, and Global Ad Star Bag Industries - have been established on 14 acres of land at the group's industrial park in Narayanganj. The factories will go for commercial production with a launching ceremony tomorrow (May 07), officials said. Packaging bags for products like cement, poultry feed, fish feed, rice and fertiliser, and essential items like condensed milk, dal (pulses), atta, maida and suji will be produced in the new factories. "We have taken the risk of investing about Tk 5.0 billion in the four factories, focusing the rising domestic demand and export potential," MGI chairman and managing director Mostafa Kamal told the FE Thursday. The conglomerate, with an annual sales turnover of $1.0 billion, has raised fund for establishing the new units from its group equity and bank loan. The group has 8,000 permanent employees and 4,000 temporary employees. The four industries will create new employment opportunities for over 1,500 people, on direct and makeshift basis. The new condensed milk unit is the largest of its kind in the country with the production capacity of 120 tonnes per day, where modern hi-tech and automation technology has been used, the MGI chairman claimed. He said the production capacity of the packaging bag factory is around 0.2 million pieces per day. Its products will be exported to India, the UAE, Sri Lanka, Vietnam, and the European Union countries. The other two mills will be able to produce around 800 tonnes of dal (yellow peas and red lentil) and 430 tonnes of atta, maida and suji per day, Mr Kamal said. "We want to consolidate our position in the market by slashing production cost," he added. MGI mainly produces consumer items under the brand name of 'Fresh'. The group earned over Tk 10.00 billion revenue in fiscal 2009-10, and paid over Tk 5.0 billion to the public exchequer.