Nitol Niloy Group Explained

Nitol Niloy Group
Formation:1980
Headquarters:Dhaka, Bangladesh
Region Served:Bangladesh
Language:Bengali
Revenue:US$128 million (2017)
Num Staff:3,170

Nitol Niloy Group is a Bangladeshi diversified conglomerate based in Dhaka. Its primary business is the import and distribution of Tata Motors vehicles in Bangladesh.[1] Abdul Matlub Ahmad is the chairperson of Nitol Niloy Group.[2] Selima Ahmad is the vice-chairperson of Nitol Niloy Group.[3]

History

Nitol Niloy Group was established in January 1980 as Nitol Motors Limited, an importer of vehicles.[4]

Nitol Motors Limited became the distributor of Tata Motors in Bangladesh in 1988.[5]

In 1991, Nitol started assembling trucks and buses for Tata in Bangladesh.[6]

Niloy Cement Clinkerization started operations in September 2007.[7] It was the first cement clinkerization plant in Bangladesh.

The group has an annual turnover of 5 billion taka in 2010.[8]

Nitol-Niloy Group led a delegation of Bangladeshi companies to Uganda in May 2011.[9] It announced plans to invest US$12.5 million to develop rice cultivation in Uganda. It signed an agreement with Amrit Group to develop a poultry industry in Bangladesh.[10] It opened a driving school in Kishoreganj District called Nitol-Tata Driving Training Institute.[11]

Nitol Niloy Group controlled FAS Finance and Investment.[12] It pulled out its investment from FAS Finance and Investment and the company was taken over by PK Halder who embezzled 13 billion taka funds from the financial institute.

Nitol Niloy Group signed an agreement with Hero MotoCorp to invest US$40 million to establish a motorcycle plant on 20 April 2014.[13]

In 2016, Nitol Niloy Group requested permission from Bangladesh Bank to invest US$7 million in Gambia but were denied permission.[14] [15] Later Finance Minister A. H. M. Mostafa Kamal, who is in favor of foreign investments by Bangladeshi companies, requested them to submit a detailed investment plan to the central bank which they failed to do.

Nitol Niloy Group announced plans to assemble Tata pickups under Nita Company Limited, a joint venture with Tata Motors, in September 2018. Production was scheduled to begin in 2020. The project suffered delays due to the COVID-19 pandemic in Bangladesh.[16] The company had also expressed an interest in assembling small cars of Tata in Bangladesh.[17] Bangladesh is the fourth largest market for Tata motors.[18] It is also delayed the launch of an electric vehicle assembled in Bangladesh due to the pandemic.[19]

Nitol Niloy Group is part of the Star Infrastructure Development Consortium which has 17 Bangladeshi conglomerates.[20] Star Infrastructure Development Consortium plans to open a US$3.5 billion steel plant in Chittagong in partnership with Kunming Iron & Steel Holding Company Limited. It also has a joint venture with Hero Group to produce motorcycles in Bangladesh.[21] [22]

In February 2019, Nitol Niloy Group received a license from the Bangladesh Economic Zones Authority to establish Kishoreganj Economic Zone. The group planned to invest 3 billion taka to develop the 84 acre site.[23]

Businesses

Notes and References

  1. Web site: About Nitol Niloy Group . 2 June 2021 . nitolniloy.com.bd.
  2. News: 2012-02-07 . Nitol-Niloy Group opens 'export house' . 2021-06-02 . The Daily Star . en.
  3. Web site: Profile of Selima Ahmad, President, BWCCI . 2021-06-02 . www.bwcci-bd.org.
  4. Web site: Welcome to Nitol Motors Limited . 2021-06-02 . www.nitolmotors.com.
  5. Web site: Tata Motors - Leading Automobile Manufacturer in Bangladesh . 2021-06-02.
  6. News: 2018-09-06 . Nitol-Niloy to start assembling Tata pickups this month . 2021-06-02 . The Daily Star . en.
  7. News: 2007-09-10 . First-ever cement clinker plant in private sector starts operation . 2021-06-02 . The Daily Star . en.
  8. News: 2010-05-16 . Nitol-Niloy plans tie-up with Tata on coal power plant . 2021-06-02 . The Daily Star . en.
  9. News: 2011-05-23 . Bangladesh to get 60,000 hectares for farming in Uganda . 2021-06-02 . The Daily Star . en.
  10. News: 2011-03-28 . Nitol-Niloy and Amrit sign $10m deal . 2021-06-02 . The Daily Star . en.
  11. News: 2011-11-23 . Nitol-Tata driving school opens today . 2021-06-02 . The Daily Star . en.
  12. News: Sakib . Shanaullah . 88pc loans go to PK Halder's pocket . 2021-06-02 . Prothom Alo . en.
  13. News: Hero MotoCorp, Nitol Niloy to set up bike plant in BD . 2021-06-02 . Prothom Alo . en.
  14. News: 2017-09-19 . Akij may get nod to buy Malaysian firms . 2021-06-02 . The Daily Star . en.
  15. News: BD govt refuses to allow Nitol-Niloy to invest in Gambia . 2021-06-02 . jagonews24.com . en-US.
  16. News: 2020-07-20 . Pandemic puts a damper on Tata pickup project . 2021-06-02 . The Daily Star . en.
  17. News: 2017-09-26 . MEDIA-Bangladesh's Nitol Niloy group keen to assemble Tata Motors' small cars - Business Standard . en . Reuters . 2021-06-02.
  18. News: 2012-12-20 . Nitol-Niloy launches new commercial vehicle . 2021-06-02 . The Daily Star . en.
  19. News: 2020-11-10 . Nitol's electric car arrival pushed back by pandemic . 2021-06-02 . The Daily Star . en.
  20. News: 2018-08-16 . Mega steel plant in the works . 2021-06-02 . The Daily Star . en.
  21. News: Kanungo . Soumonty . 2017-08-28 . Bangladesh a perfect market for Tata Nano: Nitol Niloy's Abdul Matlub Ahmad . 2021-06-02 . mint . en.
  22. News: 2014-07-18 . Mega motorbike show in September . 2021-06-02 . The Daily Star . en.
  23. News: 2019-02-18 . Nitol Niloy gets final licence today . 2021-06-02 . The Daily Star . en.
  24. Web site: Nitol Paper – Nitol Curtis Paper Mills Ltd. . 2021-06-02 . Nitol Paper . en-US.
  25. Web site: Nitol Niloy Group inaugurates Tarzan Paper . 2021-06-02 . bangladeshpost.net . en.
  26. News: 2019-07-25 . Nitol launches online car insurance . 2021-06-02 . The Daily Star . en.
  27. News: 2020-12-30 . World renowned brand Voltas comes to Bangladesh . 2021-06-02 . The Daily Star . en.
  28. News: 2007-08-15 . Niloy Cement to buy clinker from Niloy Clinkerisation . 2021-06-02 . The Daily Star . en.
  29. News: The Daily Star Web Edition Vol. 5 Num 565 . 2021-06-02 . The Daily Star.
  30. News: Kishoreganj EZ obtains final licence . 2021-06-02 . The Financial Express . en.
  31. News: 2020-04-11 . NTrack locates 2 stolen trucks amid shutdown . 2021-06-02 . The Daily Star . en.
  32. News: bn:রেডিও নেক্সট ৯৩.২ এফএমের টেস্ট ট্রান্সমিশন উদ্বোধন কালের কণ্ঠ . https://www.kalerkantho.com/online/business/2015/01/27/180715 . 2021-06-02 . Kaler Kantho . bn.

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