At a time when other business entities are worried about their survival amid the pressure on the economy and fear of a global recession, Anwar Group looks beyond these uncertainties and has announced new investments to grab the expanding export market.
The industrial group is going to invest Tk 48 billion to set up three new factories, which are expected to provide employment to some 6,700 people.
Anwar Group Chairman Manwar Hossain said they are setting up the new denim, steel, and paper factories in Munshiganj and are expecting to go into production by the fiscal year 2025-26.
Speaking to Prothom Alo, the Anwar Group boss said, “We always try to be positive in business. The new investment initiative has been taken to balance the import of raw materials with the export of products in our group. It will increase the opportunity to expand our business at home and abroad.”
Anwar Group is currently engaged in multi-dimensional business, including textile, steel, cement, housing, bank, insurance, and automobile. It has 18 companies in total with 14,000 employees.
Late Anwar Hossain, founder chairman of the group, began his own business in 1953 while their family business started in 1834.
Anwar Hossain established Anwar Silk Mills in 1968 and started producing Mala Saree, which gained much popularity immediately before and after the Liberation War. Later, Anwar Group set up spinning and dyeing units.
The old textile giant is going to set up a new factory in Munshiganj for producing denim fabrics. They will invest Tk 14 billion in the first phase to set up the environment-friendly denim unit on a land of 75 bighas owned by Anwar Jute Spinning Mill.
The denim unit would initially produce 2.5 million gauges of fabric and the production capacity is expected to rise to 4.5 million gauges after the investment of another Tk 8 billion.
“Hopefully, we will be able to initiate the first phase of production in the denim factory in 2023 or 2024. All of the denim fabrics will be exported,” said Manwar Hossain, adding that some 1,800 people will be employed at the unit.
The yarn required for producing high-value denim in the facility will be collected from Anwar Spinning Mills and the group has a plan to establish another spinning mill to meet the increased demand.
Bangladesh is the top exporter of denim garments to European countries and the United States. There are 40 denim fabric manufacturing units across the country, but some 40 to 50 per cent of local demand is still met by imports.
Entering the steel business in 1978, Anwar Group has now been a top steel manufacturing company, with an annual production volume of 250000 tonnes. The group is renovating its steel manufacturing facility and the production capacity is expected to rise to 300,000 tonnes then.
The group has decided to expand its market share further, which prompted them to establish the new unit in Munshiganj with an annual production capacity of 1.6 million tonnes. The expansion plan will be executed at a cost of Tk 30 billion.
The land development activities have already been completed at the new plant. It is expected to employ 4,000 people, including 400 engineers.
The group is also planning to make its debut in the paper industry. Its paper mill will be established on 65 bighas of land in Munshiganj with an estimated investment of Tk 4 billion.