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Ratanpur Group

From Wikipedia, the free encyclopedia

Ratanpur Group
Formation1984
HeadquartersChittagong, Bangladesh
Region served
Bangladesh
Official language
Bengali
Revenue
Tk 700 crore
US$90 million (2021)
Websitewww.ratanpurgroup.com

Ratanpur Group (Bengali: জেমকন গ্রুপ) 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.[6] 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.[6]

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.[7] 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

  • Ratanpur Jute Spinners Limited[13]
  • Ratanpur Shipping Services Limited[14]
  • Modern Steel Mills Limited[15]
  • Ratanpur Real Estate Limited[16]
  • Ratanpur Poultry and Agro Products Limited[17]
  • M. Rahman Steel Mills Limited[18]
  • Sapphire Corporation Limited[19]
  • Ratanpur Steel Re-Rolling Mills Limited[20]
  • Ratanpur Shipping Lines Limited[21]
  • Ratanpur Ship Re-cycling Industries Limited[22]

References

  1. ^ "Owners' loan repayment apathy pushes RSRM to the brink". The Business Standard. 2021-04-10. Retrieved 2021-06-06.
  2. ^ "Ratanpur Group". ratanpurgroup.com. Retrieved 6 June 2021.
  3. ^ "Use of mild steel rebar in seismic design on RC buildings". The Daily Star. 2016-12-18. Retrieved 2021-06-06.
  4. ^ "Three large-loan proposals get BB nod". The Daily Star. 2015-08-09. Retrieved 2021-06-06.
  5. ^ "Red blinking". The Daily Star. 2017-12-14. Retrieved 2021-06-06.
  6. ^ a b c "Borrow money, never pay back". The Daily Star. 2018-04-08. Retrieved 2021-06-06.
  7. ^ a b "11 Large Borrowers: BB paves way for fresh rescheduling". The Daily Star. 2019-08-28. Retrieved 2021-06-06.
  8. ^ "News brief". The Daily Star. 2019-08-29. Retrieved 2021-06-06.
  9. ^ "RSRM to collect Tk101 cr from share market". The Business Standard. 2019-08-28. Retrieved 2021-06-06.
  10. ^ "Steel makers feel the pinch of a subdued private sector". The Daily Star. 2020-02-20. Retrieved 2021-06-06.
  11. ^ "Nothing stops housing projects from cutting down Ctg hills". The Business Standard. 2020-12-05. Retrieved 2021-06-06.
  12. ^ "Owners' loan repayment apathy pushes RSRM to the brink". The Business Standard. 2021-04-10. Retrieved 2021-06-06.
  13. ^ "Ratanpur Jute Spinners Ltd". ratanpurgroup.com. Retrieved 2021-06-06.
  14. ^ "Ratanpur Shipping Services Ltd". ratanpurgroup.com. Retrieved 2021-06-06.
  15. ^ "Modern Steel Mills Ltd". ratanpurgroup.com. Retrieved 2021-06-06.
  16. ^ "Ratanpur Real Estate Ltd". ratanpurgroup.com. Retrieved 2021-06-06.
  17. ^ "Ratanpur Poultry & Agro Products Ltd". ratanpurgroup.com. Retrieved 2021-06-06.
  18. ^ "M. RAHMAN STEEL MILLS LTD". ratanpurgroup.com. Retrieved 2021-06-06.
  19. ^ "SAPPHIRE CORPORATIONS LTD". ratanpurgroup.com. Retrieved 2021-06-06.
  20. ^ "STEEL RE-ROLLING MILLS LTD". ratanpurgroup.com. Retrieved 2021-06-06.
  21. ^ "Ratanpur Shipping Lines Ltd". ratanpurgroup.com. Retrieved 2021-06-06.
  22. ^ "Ratanpur Ship Re-cycling Industries Ltd". ratanpurgroup.com. Retrieved 2021-06-06.
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This page was last edited on 27 September 2023, at 01:51
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