Sheltech unveils Tk1,500cr investment plan to boost exports, diversify business
The group also aims to create around 45,000 jobs through the new investments.
Highlights
- Expansion plan aims to create around 45,000 jobs
- Tk400cr agro plant targets Tk2,440cr annual export earnings by 2028
- Envoy Textiles to invest Tk 179cr in blended yarn expansion
- ADB to finance $30m for renewable energy and spinning unit
- Tk575cr LEED-certified shopping complex planned in Banasree
Sheltech Group has announced a Tk1,504 crore investment plan spanning agro-processing, manufacturing, textiles and real estate as it seeks to expand exports, diversify operations and raise annual turnover by 37% to Tk9,200 crore by 2030 from the current Tk6,700 crore.
The group also aims to create around 45,000 jobs through the new investments. The announcement comes as several of Bangladesh's largest conglomerates – including Meghna Group, City Group, Pran-RFL, Abul Khair, and Bashundhara Group – continue expanding production despite high interest rates, dollar shortages, and sluggish private-sector credit growth.
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"We are increasing investments across different sectors to tap new opportunities in domestic and international markets. These projects will create employment and contribute to the country's economic growth," Sheltech Group Managing Director Tanvir Ahmed said.
Biggest bet on agro-processing
Sheltech's largest investment is in agro-processing through Spain Bangladesh Agro Industry Ltd, a joint venture with a Spanish company.
The nearly Tk400 crore factory at Parbatipur in Dinajpur has begun commercial production and exports to the European Union, processing corn, pineapple, mango, malta, jackfruit, potatoes and other agricultural products.
The project will bring around 40,000 farmers under contract farming across nearly 36,000 bighas of land and create about 1,500 direct jobs once in full swing by 2028. Sheltech expects the facility to generate around Tk2,440 crore in annual export earnings once it reaches full capacity by 2028.
"We are committed to ensuring international standards, sustainability and traceability across the entire value chain," Tanvir said.
Expanding manufacturing and textile capacity
Sheltech has completed a Tk85 crore investment in Grind Tech Ltd in Sylhet, Bangladesh's only abrasive paper manufacturer, with plans to reduce imports and expand exports to neighbouring countries and the United States.
Meanwhile, listed Envoy Textiles PLC will invest Tk179 crore to increase blended yarn production by 25 tonnes a day by February 2027.
BGMEA President Mahmud Hasan Khan (Babu) said global apparel demand is increasingly shifting towards man-made fibre(MMF), filament yarn and synthetic fabrics, which offer higher value addition.
He noted that Bangladesh still has very limited domestic filament yarn production, forcing garment manufacturers to rely heavily on imports. Expanding local production would reduce lead times, ease dependence on imported raw materials and lower working capital requirements, as importers often have to order 15 to 20 containers in a single shipment.
Renewable energy and real estate
Sheltech plans to install 10MW of solar power generation across its facilities by 2027 to reduce carbon emissions and electricity costs.
A $30 million financing package from the Asian Development Bank (ADB) will fund renewable energy infrastructure and a modern spinning unit, while the remaining investment will come from domestic bank loans and the company's own resources.
In real estate, the company will invest Tk575 crore to build a 17-storey, nearly 200,000-square-foot LEED-certified shopping complex on its 53-katha site in Banasree, with completion targeted for January 2030.
Separately, it is investing Tk265 crore through joint ventures in 21 residential projects at Jalshiri, comprising 168 housing units. Handover is scheduled to begin in the first half of 2027, with full completion targeted for 2028.
The company expects agro-processing exports, the Banasree shopping complex, the Jalshiri housing projects and expanded textile production to drive its targeted growth by 2030.
