Habib Group
{{Infobox company
| name = Habib Group
| logo = Habib Group Logo.png
| caption =
| type = Private
| founded = Chittagong, Bangladesh ({{Start date|1947}})
| location = Chittagong, Bangladesh
| key_people = {{Unbulleted list | Yakub Ali (Chairman) | Yasin Ali (Managing Director)}}
| revenue = {{increase }}UD$500 million
| num_employees = 20,000
| industry = Conglomerate
| products = Apparel, Aviation, Cement, Energy, Paper, Real Estate, Ship breaking, Spinning, Steel, Textile
| homepage = {{URL|habibgroupbd.com}}
}}
The Habib Group is a Bangladeshi industrial conglomerate. Founded in Chittagong in 1947, it employs over 20,000 people and has interests in textiles, aviation, cement, steel, real estate, insurance and banking. It is the parent company of Regent Airways, a Bangladeshi private airline,{{cite news |last=Parvez |first=Sohel |date=17 January 2010 |title=New player to fly the skies |url=http://www.thedailystar.net/newDesign/news-details.php?nid=122162 |newspaper=The Daily Star}} and Regent Power Limited, a power generating company.{{cite news |last=Barua |first=Dwaipayan |date=8 March 2015 |title=Diversifying for success |url=http://www.thedailystar.net/diversifying-for-success-18949 |newspaper=The Daily Star}}
History
Habib Group was established in 1947 by Habib Ullah Mia as Habib Trading, a consumer goods trading company.{{Cite news |last=Faruque |first=Omar |date=2023-04-16 |title=Fall of a business empire: Habib Group leaves 30 lenders in peril with Tk4,000cr debt |url=https://www.tbsnews.net/economy/fall-business-empire-habib-group-leaves-30-lenders-peril-tk4000cr-debt-617670 |access-date=2023-04-17 |work=The Business Standard |language=en}} It was inherited by his three sons, Mahbub Ali, Yakub Ali, and Yasin Ali, in 1981 who expanded the business in other areas such as garments.{{Cite news |last1=Barua |first1=Dwaipayan |last2=Chittagong |date=2014-04-06 |title=Diversifying for success |url=https://www.thedailystar.net/diversifying-for-success-18949 |access-date=2023-04-17 |work=The Daily Star |language=en}}
In 2009, Habib Group sponsored the Port City League Twenty20 championship in Chittagong.{{Cite news |last1=Islam |first1=Shahidul |last2=Chittagong |date=2009-04-20 |title=PCL gains momentum |url=https://www.thedailystar.net/news-detail-84800 |access-date=2023-04-17 |work=The Daily Star |language=en}} Regent Power Limited launched a 24 megawatt powerplant in Sitakunda Upazila in May.{{Cite news |date=2009-05-24 |title=24MW rental power plant comes on stream |url=https://www.thedailystar.net/news-detail-89574 |access-date=2023-04-17 |work=The Daily Star |language=en}}
In 2010, Habib Group launched Regent Airways. Mashruf Habib was the managing director of Regent Airways and Imran Asif was the chief executive officer.{{Cite news |date=2010-11-07 |title=Regent Airways hits skies |url=https://www.thedailystar.net/news-detail-161525 |access-date=2023-04-17 |work=The Daily Star |language=en}} Salman Habib was the deputy managing director.{{Cite news |date=2019-05-24 |title=Salman Habib elected CCCI director |url=https://www.thedailystar.net/city/news/salman-habib-elected-ccci-director-1748302 |access-date=2023-04-17 |work=The Daily Star |language=en}} Its first route was Dhaka to Chittagong and it started with two De Havilland Canada Dash 8. Habib Group had a turnover of 20 billion BDT a year.{{Cite news |last=Parvez |first=Sohel |date=2010-06-09 |title=Regent Airways: Newcomer to skies |url=https://www.thedailystar.net/news-detail-141942 |access-date=2023-04-17 |work=The Daily Star |language=en}}
The Daily Star-DHL awarded Habib Group the Enterprise of the Year award in 2014.{{Cite news |date=2014-03-29 |title=Business heroes honoured |url=https://www.thedailystar.net/business-heroes-honoured-17772 |access-date=2023-04-17 |work=The Daily Star |language=en}} The International Finance Corporation invested 20.2 million USD in Regent Energy & Power Limited in April to build a powerplant in Ghorashal.{{Cite web |title=IFC Invests $20.2 Million in Regent Energy to Expand Access to Power in Bangladesh |url=https://ifcpressreleasesprod.aseprod.ifc.org/all/pages/PressDetail.aspx?ID=15924 |access-date=2023-04-17 |website=IFC}} In November, Regent Group announced a 8 billion BDT expansion plan through the purchase of five aircraft for international routes.{{Cite news |date=2014-11-30 |title=Regent Airways unveils Tk 800cr expansion plan |url=https://www.thedailystar.net/regent-airways-unveils-tk-800cr-expansion-plan-52679 |access-date=2023-04-17 |work=The Daily Star |language=en}}
Regent Textiles announced plans to build two new factories at an investment of 1.79 billion BDT in November 2015.{{Cite news |last=Barua |first=Dwaipayan |date=2015-11-13 |title=Regent Textile to build new units |url=https://www.thedailystar.net/business/regent-textile-build-new-units-171580 |access-date=2023-04-17 |work=The Daily Star |language=en}} Habib Group had 21 thousand employees.{{Cite web |date=2016-09-01 |title=A Century in the Making |url=https://ibtbd.net/a-century-in-the-making/ |access-date=2023-04-17 |website=ICE Business Times |language=en-US}}
In June 2017, Regent Airways announced plans to expand destinations in the Middle East and the purchase of three Boeing 737.{{Cite news |last=Hossain |first=Shamiul |date=2017-06-06 |title=Regent Airways to raise Middle East flights |url=https://www.thedailystar.net/business/regent-airways-raise-middle-east-flights-1416046 |access-date=2023-04-17 |work=The Daily Star |language=en}}
Regent Airways was financially hit during the COVID-19 pandemic in Bangladesh along with other airlines in 2020 after travel was restricted and flights were forced to cancel.{{Cite news |last=Hasan |first=Rashidul |date=2020-05-21 |title=Pandemic will change the aviation industry forever |url=https://www.thedailystar.net/business/news/pandemic-will-change-the-aviation-industry-forever-1904584 |access-date=2023-04-17 |work=The Daily Star |language=en}}{{Cite news |last=Hasan |first=Mahmudul |date=2020-03-23 |title=Local airlines battling an existential crisis |url=https://www.thedailystar.net/business/news/local-airlines-battling-existential-crisis-1884565 |access-date=2023-04-17 |work=The Daily Star |language=en}} It cancelled the lease of two Boeing 737 to save costs.{{Cite news |last=Alo |first=Jebun Nesa |date=2019-04-14 |title=Regent cuts fleet size to beat financial woes |url=https://www.thedailystar.net/business/news/regent-cuts-fleet-size-beat-financial-woes-1729741 |access-date=2023-04-17 |work=The Daily Star |language=en}} The airline had 1.89 billion due to Civil Aviation Authority of Bangladesh.
In May, textile workers of Regent Textile Mills Limited protested in Chittagong demanding their unpaid wages.{{Cite news |title=Regent Textile Mills employees stage demo in Ctg |url=https://www.newagebd.net/article/171543/regent-textile-mills-employees-stage-demo-in-ctg |access-date=2023-04-17 |work=New Age |language=en}}{{Cite news |date=2022-07-31 |title=Regent Textile employees hold protests for arrears |url=https://www.tbsnews.net/bangladesh/regent-textile-employees-hold-protests-arrears-468490 |access-date=2023-04-17 |work=The Business Standard |language=en}} The workers went on an hunger strike demanding eights months of unpaid wages following their layoff.{{Cite news |date=2023-02-26 |title=Regent Textile workers on fast-unto-death demanding arrears |url=https://www.tbsnews.net/bangladesh/regent-textile-workers-fast-unto-death-demanding-arrears-591178 |access-date=2023-04-17 |work=The Business Standard |language=en}} In July, the headquarters of Habib Group were vandalized.{{Cite news |date=2020-07-11 |title=Habib Group's head office in Ctg vandalised, causing damage worth Tk 40 lakh |url=https://www.tbsnews.net/bangladesh/crime/habib-groups-head-office-ctg-vandalised-causing-damage-worth-tk-40-lakh-104875 |access-date=2023-04-17 |work=The Business Standard |language=en}} In September 2022, Chattogram Financial Debt Court ordered the seizure of land owned by Habib Steel in a .9 billion BDT loan default case filed by Eastern Bank Limited.{{Cite news |title=Court orders to seize land of Habib Steel in default case |url=https://today.thefinancialexpress.com.bd/trade-market/court-orders-to-seize-land-of-habib-steel-in-default-case-1663260064 |access-date=2023-04-17 |work=The Financial Express |language=en}}{{Cite news |date=2022-09-14 |title=Court orders to confiscate Habib Group assets for defaulting Tk91cr in loans |url=https://www.tbsnews.net/bangladesh/court-orders-confiscating-habib-group-assets-defaulting-tk91-crore-loans-496318 |access-date=2023-04-17 |work=The Business Standard |language=en}} A travel ban was imposed on five directors of the group.{{Cite news |title=Travel ban imposed on five industrialists of Regent Textile |url=https://en.prothomalo.com/bangladesh/crime-and-law/05hvjzvu50 |access-date=2023-04-17 |work=Prothom Alo |language=en}}
In January 2023, the government of Bangladesh confiscated bank accounts of Regent Airways due to unpaid dues.{{Cite news |date=2023-01-10 |title=Tk 32.46cr dues: Govt confiscates Regent Airways' bank account |url=https://www.thedailystar.net/nrb/departure-arrival/airlines-more/news/tk-3246cr-dues-govt-confiscates-regent-airways-bank-account-3217546 |access-date=2023-04-17 |work=The Daily Star |language=en}}
By April 2023, the headquarters of Habib Group appeared deserted and 31 subsidiaries of the group had closed down or were on the verge of closing down. Chattogram Magistrate Magistrate issued arrest warrants against five directors of the group including chairman Yakub Ali, directors, Mashruf Habib, Salman Habib, Tanvir Habib, and Yasin Ali in August 2022 in a dishonoured cheque case filed by IDLC Finance Limited.{{Cite news |date=2022-08-08 |title=Arrest warrants issued against Habib Group chairman, 4 directors in Ctg |url=https://www.thedailystar.net/news/bangladesh/crime-justice/news/arrest-warrants-issued-against-habib-group-chairman-4-directors-ctg-3090916 |access-date=2023-04-17 |work=The Daily Star |language=en}} The group defaulted on 40 billion BDT worth of loans from 30 different financial institutions. The directors were believed to have fled from Bangladesh. The group had received numerous unsecured loans including a 3.6 billion loan from Dhaka Bank whose director was related to a director of Habib Group.
Subsidiaries
- Habib Steel
- Chittagong Steel Enterprise
- MTS Rerolling Mills
- Regent Energy and Power
- Diamond Cement
- Anwara Paper Mills
- Anwara Fashion
- Ali Fashion
- Legacy Fashion
- Regent Spinning Mills
- Regent Weaving
- Regent Fabrics
- Hela Clothing
- Valiant Fashion
- Symes Superior
- ANZ Properties
- HG Aviation
- Regent Airways
- Ocean Merit
- Fortune Navigation
- Southern Medical College and Hospital
References
{{Reflist}}
External links
- [http://www.habibgroupbd.com/index.php?cPath=CORPORATE%20PROFILE Corporate information of Habib Group] {{Webarchive|url=https://web.archive.org/web/20161115132245/http://www.habibgroupbd.com/index.php?cPath=CORPORATE%20PROFILE |date=2016-11-15 }}
- [http://www.habibgroupbd.com/index.php?cPath=HOME Business Concerns of Habib Group] {{Webarchive|url=https://web.archive.org/web/20160310231906/http://habibgroupbd.com/index.php?cPath=HOME |date=2016-03-10 }}
Category:Manufacturing companies of Bangladesh
Category:Conglomerate companies of Bangladesh