Nitol_Group

Nitol Niloy Group

Nitol Niloy Group

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Nitol Niloy Group (Bengali: নিটল নিলয় গ্রুপ) 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 mp is the Vice-Chairperson of Nitol Niloy Group.[3]

Quick Facts Formation, Headquarters ...

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 Busses 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.[9] 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.[12]

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.[14]

Nitol Niloy Group announced plans to assemble Tata Pickups under Nita Company Limited, a joint venture with Tata Motors, in September 2018.[6] Production was scheduled to begin in 2020.[6] 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.[20] 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

  • Nitol Motors Limited
  • Nitol Curtis Paper Mills Limited[24] (Tarzan Paper)[25]
  • Nitol Insurance[26]
  • Nitol Electronics Limited[27]
  • Niloy Cement Industries Limited[28]
  • Niloy Cement Clinkerisation Industries Limited[28]
  • VIP-Nitol Industries Limited[29]
  • Kishoreganj Economic Zone[30]
  • NTrack Vehicle Tracking Service[31]
  • Radio Next[32]

References

  1. [1]
    "About Nitol Niloy Group". nitolniloy.com.bd. Retrieved 2 June 2021.
  2. [2]
    "Nitol-Niloy Group opens 'export house'". The Daily Star. 2012-02-07. Retrieved 2021-06-02.
  3. [3]
    "Profile of Selima Ahmad, President, BWCCI". www.bwcci-bd.org. Retrieved 2021-06-02.
  4. [4]
    "Welcome to Nitol Motors Limited". www.nitolmotors.com. Retrieved 2021-06-02.
  5. [5]
    "Tata Motors - Leading Automobile Manufacturer in Bangladesh". Retrieved 2021-06-02.
  6. [6]
    "Nitol-Niloy to start assembling Tata pickups this month". The Daily Star. 2018-09-06. Retrieved 2021-06-02.
  7. [7]
    "First-ever cement clinker plant in private sector starts operation". The Daily Star. 2007-09-10. Retrieved 2021-06-02.
  8. [8]
    "Nitol-Niloy plans tie-up with Tata on coal power plant". The Daily Star. 2010-05-16. Retrieved 2021-06-02.
  9. [9]
    "Bangladesh to get 60,000 hectares for farming in Uganda". The Daily Star. 2011-05-23. Retrieved 2021-06-02.
  10. [10]
    "Nitol-Niloy and Amrit sign $10m deal". The Daily Star. 2011-03-28. Retrieved 2021-06-02.
  11. [11]
    "Nitol-Tata driving school opens today". The Daily Star. 2011-11-23. Retrieved 2021-06-02.
  12. [12]
    Sakib, Shanaullah. "88pc loans go to PK Halder's pocket". Prothomalo. Retrieved 2021-06-02.
  13. [13]
    Staff Correspondent. "Hero MotoCorp, Nitol Niloy to set up bike plant in BD". Prothomalo. Retrieved 2021-06-02.
  14. [14]
    "Akij may get nod to buy Malaysian firms". The Daily Star. 2017-09-19. Retrieved 2021-06-02.
  15. [15]
    jagonews24.com. "BD govt refuses to allow Nitol-Niloy to invest in Gambia". jagonews24.com. Retrieved 2021-06-02.{{cite web}}: CS1 maint: numeric names: authors list (link)
  16. [16]
    "Pandemic puts a damper on Tata pickup project". The Daily Star. 2020-07-20. Retrieved 2021-06-02.
  17. [17]
    "MEDIA-Bangladesh's Nitol Niloy group keen to assemble Tata Motors' small cars - Business Standard". Reuters. 2017-09-26. Retrieved 2021-06-02.
  18. [18]
    "Nitol-Niloy launches new commercial vehicle". The Daily Star. 2012-12-20. Retrieved 2021-06-02.
  19. [19]
    "Nitol's electric car arrival pushed back by pandemic". The Daily Star. 2020-11-10. Retrieved 2021-06-02.
  20. [20]
    "Mega steel plant in the works". The Daily Star. 2018-08-16. Retrieved 2021-06-02.
  21. [21]
    Kanungo, Soumonty (2017-08-28). "Bangladesh a perfect market for Tata Nano: Nitol Niloy's Abdul Matlub Ahmad". mint. Retrieved 2021-06-02.
  22. [22]
    "Mega motorbike show in September". The Daily Star. 2014-07-18. Retrieved 2021-06-02.
  23. [23]
    "Nitol Niloy gets final licence today". The Daily Star. 2019-02-18. Retrieved 2021-06-02.
  24. [24]
    "Nitol Paper – Nitol Curtis Paper Mills Ltd". Nitol Paper. Retrieved 2021-06-02.
  25. [25]
    "Nitol Niloy Group inaugurates Tarzan Paper". bangladeshpost.net. Retrieved 2021-06-02.
  26. [26]
    "Nitol launches online car insurance". The Daily Star. 2019-07-25. Retrieved 2021-06-02.
  27. [27]
    "World renowned brand Voltas comes to Bangladesh". The Daily Star. 2020-12-30. Retrieved 2021-06-02.
  28. [28]
    "Niloy Cement to buy clinker from Niloy Clinkerisation". The Daily Star. 2007-08-15. Retrieved 2021-06-02.
  29. [29]
    "The Daily Star Web Edition Vol. 5 Num 565". archive.thedailystar.net. Retrieved 2021-06-02.
  30. [30]
    "Kishoreganj EZ obtains final licence". The Financial Express. Retrieved 2021-06-02.
  31. [31]
    "NTrack locates 2 stolen trucks amid shutdown". The Daily Star. 2020-04-11. Retrieved 2021-06-02.
  32. [32]
    "রেডিও নেক্সট ৯৩.২ এফএমের টেস্ট ট্রান্সমিশন উদ্বোধন | কালের কণ্ঠ". Kalerkantho (in Bengali). Retrieved 2021-06-02.
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