Marico Bangladesh goes into operation at Bangabandhu Shilpa Nagar
Marico Bangladesh was listed on both of the country's stock exchanges in 2009. Its paid-up capital is Tk31.50 crore.
Marico Bangladesh Ltd's third manufacturing unit, built with an investment of $26.72 million at the Bangabandhu Sheikh Mujib Shilpa Nagar in Chattogram to expand its capacity, has gone into operation.
The India-based multinational company, which already operates two other plants in Gazipur, aims to manufacture personal care consumer products such as coconut oil, hair oil, baby care products, soap, shampoo, facewash, and handwash at the new factory, according to the Bangladesh Economic Zones Authority (Beza).
"Marico commenced production in August this year at the Bangabandhu Sheikh Mujib Shilpa Nagar. I visited their factory last month, and I observed that they have employed a significant number of local workers," Shaikh Yusuf Harun, executive chairman of Beza, told The Business Standard.
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Initiating its journey in Bangladesh in 1999, the company has evolved from a single brand, Parachute Coconut Oil, to encompass 29 brands across personal care and food categories.
"Marico Bangladesh Limited has announced the successful commencement of commercial production in its third manufacturing unit, located within the Mirsarai Economic Zone under the guidance of the Beza," read a press release issued by the company on Wednesday.
With an investment blueprint of Tk220 crore to be rolled out over multiple phases, the current production line at the Mirsarai Economic Zone unit focuses on Marica Bangladesh's value-added hair oil products.
This establishment has ushered in new economic opportunities, leading to the creation of new jobs for the local community living in proximity to the economic zone, according to the release.
Marico Bangladesh has plans not only to meet domestic demand for essential personal care products but also to expand its export operations, said Beza. Nepal, Bhutan and the Middle East are the targets.
Marico Limited is one of the leading consumer product entities in India, operating in the beauty and wellness space for over 30 years. An Indian-origin multinational is operating in emerging markets across 26 countries in Asia and Africa.
Marico's flagship brand, Parachute, has maintained its leadership position in Bangladesh and now holds the highest market share in the branded coconut oil category. Marico's "Made in Bangladesh" products are also exported to Nepal and India.
Bangabandhu Sheikh Mujib Shilpa Nagar, one of the largest economic zones in South Asia, is being constructed on an area of 30,000 acres of land in Mirsarai and Sitakunda upazilas of Chattogram and Sonagazi upazila of Feni. Many large industrial groups, including Marico Bangladesh Ltd, have established factories here.
Marico Bangladesh was listed on both of the country's stock exchanges in 2009. Its paid-up capital is Tk31.50 crore.
Marico Bangladesh has reported a 29% growth in profit during the April-June quarter of 2023, despite facing challenges such as high inflation, shortages in fuel and electricity supply, and a dollar crisis.
During the quarter, its net profit was Tk133 crore, which was Tk103 crore at the same time a year ago.
