“WE ARE THE FORCE WHO INNOVATE AND GO EVEN BEYOND THE BOUNDARIES OF THE COUNTRY”
A prominent name in our country; Meghna Group of Industries (MGI), is one of the leading industrial conglomerates in Bangladesh. With a history dating back to 1976, MGI started its modest beginnings as Meghna Vegetable Oil Industry in 1989, descendants of the Kamal Trading Company. Globally reputed and successful, MGI incorporates more than 35,000 employees, with an impressive 6000 distributors and approximately 15000 suppliers. Their diverse range of productions and massive collection of markets, such as the Fast-Moving Consumer Goods (FMCG), building materials, chemicals, power plants, LPG Feeds, shipping, media, etc, have been the cornerstone to their long-term success and expansion. The corporation promotes its products under distinguished brand names like “Fresh”, “Pure”, “No.1”, “Meghnacem Deluxe”, to mention a few. As per statistics, one in every two Bangladeshi families (approximately 17.6 million out of 35.2 million) uses MGI products.
The continuous growth and expansion have led MGI to massively influence industrial development and become one of the dominant competitors in the industrial sector of Bangladesh. MGI also holds the record for being the first corporation in Bangladesh to have established private economic zones- “Meghna Economic Zones”, followed by “Meghna Industrial Economic Zone” and “Comilla Economic Zone”, with annual revenue of almost $2.5 billion.
Mostafa Kamal, the CEO and the leader of the Meghna Group of Industries, has been a leading force in influencing major sectors in Bangladesh, such as industry, education, healthcare, and sports. His dedication and commitment to MGI have been instrumental in the company’s success.
An exclusive interview with Mohammad Nurul Alam, the Chief Operating Of icer of Meghna Fresh LPG, provided us with an insight into how Meghna’s LPG sector operates.
When asked what makes MFLPG distinct from other brands, Mr Nurul Alam shares that the key to MFLPG’s success is meticulously calculating the right amount of gas to use, abiding by proper safety norms and protocols, and having an excellent supply distribution that satisfies customers nationwide. With adequate price determination and an appealing marketing campaign, MFLPG is able to suffice the needs of customers all around the country.
Mr Alam also outlines why LPG is a better alternative to CNG, octane, and other fuels for automobiles. LPG is not only cost-effective and environmentally beneficial in comparison, but it is also a desirable option for engines in order to ensure vehicle longevity and health.
Meghna LPG has succeeded in capturing 5% of the market in 2021. On that account, Mr Alam states that a competent and motivated team upholds the business. Not to mention, its financial stability and multi-point distribution system have also enabled them to be advantageous in the market.
Like any other company, Meghna LPG has undergone drawbacks and challenges that have aided in its development. Despite being highly accomplished in the industrial field, Mr Alam adds that being a new face in the market has been challenging. Oversupply in comparison to demand has also been an obstacle for the company. The LPG venture itself has been a challenge, as it is fundamentally different from MGI’s central FMCG business.
True to its reputation, MGI has numerous rivals in the industry. Mr Alam briefs us on the strategies they have undertaken to cope with competition, including a strong distribution network and regional dissemination where major competitors are not present, being a few. Actively and enthusiastically engaging with customers is also an effective strategy of theirs.
However, Mr Alam does point out that this rivalry only exists at a professional level. Outside work, the fellow entrepreneurs consider each other co-workers in the same field, and they often discuss their perspectives on many topics but no trade secrets.
Mr Alam has worked in the industry for a long time and has a great deal of knowledge and many valuable experiences. To assist future entrepreneurs, he explains a mistake he made as a young and developing entrepreneur that others should avoid.
“Whatever you want to do, do it now. Don’t leave it for tomorrow.”
Mr Nurul Alam considers it an honour to be able to contribute to such a significant business as MGI. He intends to keep working hard to expand the business and try his best to maximise profit.
Being a busy COO indeed is not easy. Mr Alam confides in some of the aspects of his work that he enjoys the least, one of which is working for long stretches of time. As a result, he cannot spend much time with his family and dearly misses his sons. Moreover, the absence of complete independence in his work is another thing he dislikes.
Nonetheless, Mr Alam affirms he’s a veteran in the industry; intense workload and working hard is second nature to him. He is always trying to maintain a healthy balance between his professional and personal life.
Mr Nurul Alam concludes the interview with some wise words of advice for everyone striving to succeed in life.
“Love what you do, do what you love. You will reach the top.”