MGI Enters Ceramic Tiles Market2 min read
Meghna Group of Industries (MGI) has been a force to reckon with among the many Bangladeshi conglomerates. Recently, they have started to expand their repertoire through infiltrating the ceramic industry. The brand that will represent them in this field is Fresh Ceramics. Heavy investments from them show great promise of success and acclaim.
Carving into Ceramics
MGI is going full steam ahead in its bid to make its place in the ceramics market. They have invested an impressive sum of BDT 500 crore in setting up a manufacturing plant, for starters. The facility has been set up at Ashariar Char in Narayanganj. It has proved to be highly beneficial to the local community by creating approximately 1000 jobs.
The decision to expand into the ceramics industry has proved to be at a fruitful time for MGI. Bangladeshi ceramics market is quite a profitable one at the moment with a growth rate of around 15%. Consistency is a commendable factor here as the trajectory has been in place for almost five years now. Ceramics worth BDT 4,596 crore were sold in the last fiscal year alone.
Opportunity for Impressive Expansion
MGI’s Fresh Cement has a lot of opportunities to make its mark in the ceramics industry currently. Domestic brands contribute 84% of the consumption within this sector. Furthermore, the brand’s heavy investment and overall workforce make it a powerful contender to its competitors.
The constant demand for construction materials due to urbanization will allow Fresh Cement to become a significantly profitable venture. It took almost 1.5 years for MGI to complete the necessary preparations is now poised to ramp up production with their world-class equipment. Fresh Cement’s ability to produce 40,000 square meters on a daily basis is bound to turn it into a profitable venture.
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