Ratanpur Group Explained

Ratanpur Group
Formation:1984
Headquarters:Chittagong, Bangladesh
Region Served:Bangladesh
Language:Bengali
Revenue:Tk 700 crore
US$90 million (2021)

Ratanpur Group is a Bangladeshi diversified conglomerate based in Chittagong. It mostly known for its flagship company, Ratanpur Steel Re-Rolling Mills Limited (RSRM).[1]

History

Ratanpur Group was established in 1984 with the creation of Ratanpur Steel Re-Rolling Mills Limited (RSRM).[2] [3]

In August 2015, Bangladesh Bank approved the rescheduling of a 6.91 billion taka loan from Janata Bank to Ratanpur Group.[4]

Ratanpur Group requested Bangladesh Bank to reschedule a 1.21 billion taka loan from Trust Bank Limited.[5]

In 2018 Ratanpur Group and RSRM both defaulted on paying back their loan installments.[6] Maksudur Rahman, Managing Director of Ratanpur Group, is also the director of South Bangla Agriculture and Commerce Bank. He said they failed to pay back the loan as the instalment amount was not "practical". The group filed a writ petition against being declared a loan defaulter with Bangladesh High Court.

Ratanpur Group had failed to pay 29 instalments but were able to secure a verdict from Bangladesh High Court that prevent them from being labeled a defaulter.[7] It sought to reschedule their loans from Bangladesh Bank after Modern Steel Mills failed to pay back its loan. It reduced the issue price of RSRM.[8] RSRM made 1 billion taka through issuing right shares on the Dhaka Stock Exchange.[9]

In February 2020, Ratanpur Steel Re-rolling Mills (RSRM) saw a decline in their profits following low demand.[10] In December 2020, The Business Standard mentioned Ratanpur Real Estate as one of a handful of companies that were illegally cutting hills in Chittagong.[11]

On 31 March 2021, Bangladesh Power Development Board severed electric connection to two steel plants of Ratanpur Group over the non-payment of 400 million taka electricity bill.[12]

Businesses

Notes and References

  1. Web site: 2021-04-10. Owners' loan repayment apathy pushes RSRM to the brink. 2021-06-06. The Business Standard. en.
  2. Web site: Ratanpur Group. 6 June 2021. ratanpurgroup.com.
  3. Web site: 2016-12-18. Use of mild steel rebar in seismic design on RC buildings. 2021-06-06. The Daily Star. en.
  4. Web site: 2015-08-09. Three large-loan proposals get BB nod. 2021-06-06. The Daily Star. en.
  5. Web site: 2017-12-14. Red blinking. 2021-06-06. The Daily Star. en.
  6. Web site: 2018-04-08. Borrow money, never pay back. 2021-06-06. The Daily Star. en.
  7. Web site: 2019-08-28. 11 Large Borrowers: BB paves way for fresh rescheduling. 2021-06-06. The Daily Star. en.
  8. Web site: 2019-08-29. News brief. 2021-06-06. The Daily Star. en.
  9. Web site: 2019-08-28. RSRM to collect Tk101 cr from share market. 2021-06-06. The Business Standard. en.
  10. Web site: 2020-02-20. Steel makers feel the pinch of a subdued private sector. 2021-06-06. The Daily Star. en.
  11. Web site: 2020-12-05. Nothing stops housing projects from cutting down Ctg hills. 2021-06-06. The Business Standard. en.
  12. Web site: 2021-04-10. Owners' loan repayment apathy pushes RSRM to the brink. 2021-06-06. The Business Standard. en.
  13. Web site: Ratanpur Jute Spinners Ltd.. 2021-06-06. ratanpurgroup.com.
  14. Web site: Ratanpur Shipping Services Ltd. 2021-06-06. ratanpurgroup.com.
  15. Web site: Modern Steel Mills Ltd. 2021-06-06. ratanpurgroup.com.
  16. Web site: Ratanpur Real Estate Ltd. 2021-06-06. ratanpurgroup.com.
  17. Web site: Ratanpur Poultry & Agro Products Ltd. 2021-06-06. ratanpurgroup.com.
  18. Web site: M. RAHMAN STEEL MILLS LTD. 2021-06-06. ratanpurgroup.com.
  19. Web site: SAPPHIRE CORPORATIONS LTD. 2021-06-06. ratanpurgroup.com.
  20. Web site: STEEL RE-ROLLING MILLS LTD.. 2021-06-06. ratanpurgroup.com.
  21. Web site: Ratanpur Shipping Lines Ltd. 2021-06-06. ratanpurgroup.com.
  22. Web site: Ratanpur Ship Re-cycling Industries Ltd. 2021-06-06. ratanpurgroup.com.

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