Sheltech Group–Envoy Legacy with a bigger footprint, a broader ambition
From real estate and textiles to agro-processing, manufacturing, and renewable energy, Sheltech is expanding its portfolio while focusing on long-term value creation and stronger domestic capacity.
For nearly four decades, Sheltech has been part of Bangladesh's urban and economic transformation. Since our journey began in 1988, we have expanded from real estate into engineering, textiles, ceramics, manufacturing, agro-processing, hospitality, and renewable energy.
This diversification has not happened overnight. It has been shaped by a simple belief: sustainable businesses are built through long-term thinking, trust and the ability to adapt to changing realities.
Today, we are entering another phase of growth. The Group is investing around $123 million across five sectors, with the ambition of reaching a turnover of about $750 million by 2030. Our strategy is not to rely on any single business. Instead, we are strengthening a portfolio of complementary industries that can create value in different ways.
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Some of these investments will expand existing operations, while others will open entirely new opportunities. Together, they will increase production capacity, create new revenue streams and build a stronger foundation for future growth.
Expansion, however, must be matched by financial discipline. In the current environment, where interest rates remain high and foreign currency liquidity can be challenging, we are taking a balanced approach to financing. Different projects require different structures. Some are supported through internal resources, others through domestic bank financing, development partners, or equity participation. The objective is clear: growth should strengthen the business, not place unnecessary pressure on it.
One of our most exciting ventures is Spain Bangladesh Agro Industry Ltd in Parbatipur, Dinajpur. Bangladesh has enormous agricultural potential, but unlocking export opportunities requires more than production; it requires quality, consistency and traceability.
The project is being built around a network of about 40,000 contract farmers who will receive guidance throughout the cultivation process. This includes support on seeds, farming methods, input use, harvesting and post-harvest handling. We believe quality must begin in the field, not at the factory gate.
Our focus is on export-oriented products such as sweet corn, mango, pineapple, and gherkin. While Europe remains a major target market because of its high standards, we are also looking at premium markets in Asia and the Middle East, where demand for processed food products continues to grow. Our goal is not simply to export products, but to position Bangladesh as a reliable source of high-quality agricultural goods.
Real estate, meanwhile, remains one of Sheltech's core strengths. Our investments in Banasree and Jolshiri are based on long-term urban trends. Banasree has emerged as an important residential area with growing demand for organised commercial facilities, creating opportunities for projects such as Sheltech Legacy Plaza, a shopping and commercial complex.
Jolshiri presents a different prospect. It is a planned township with significant long-term residential potential, and we see it as part of Dhaka's future expansion. Having developed residential and commercial projects for nearly four decades, we understand that successful real estate development is ultimately about anticipating how cities evolve.
Beyond real estate, manufacturing continues to be an important pillar of our growth strategy.
Envoy Textiles' investment of about $16 million in blended yarn production will strengthen backward linkage capabilities and reduce dependence on imported inputs. Greater local capacity means better control over quality, shorter lead times and more value addition within Bangladesh. Envoy Textiles already operates as a vertically integrated denim and spinning business, with annual spinning capacity of around 30,000 tonnes and denim production capacity of approximately 60 million yards.
Another example is Grind Tech Ltd, Bangladesh's only producer of abrasive paper. The immediate goal is to replace imported products by serving local industrial users with reliable and competitive alternatives. Over time, we also see export opportunities in neighboring and regional markets where dependable supply and cost competitiveness matter.
Sustainability is another area where we believe businesses must think differently. Renewable energy is no longer simply an environmental issue; it is increasingly a matter of efficiency and resilience.
Our upcoming 18 MW rooftop solar initiative across the Group's different industries will reduce dependence on conventional power sources and lower the carbon intensity of operations. Several Group companies, including Envoy Textiles, Green Textiles and Spain Bangladesh Agro Industry, have already incorporated solar and resource-efficiency measures, while implementation is progressing at other facilities. The goal is to embed sustainability into the way we build and operate businesses.
Perhaps the most important impact of these investments will be employment. Our expansion plans are expected to create around 45,000 jobs, directly and indirectly. But employment alone is not enough; skills development must accompany it.
Training programmes will focus on technical skills, safety, machine operation, quality control and supervisory capabilities. In agriculture, the emphasis will be on modern farming practices, traceability and export compliance. As industries become more technology-driven, developing skilled human resources will be essential.
Looking back, the principles that guided Sheltech in 1988 remain unchanged today: quality, trust and a commitment to responsible delivery.
What has changed is the scale of our ambitions. As we expand across multiple sectors, our objective is not merely to become larger. It is to build businesses that are financially sustainable, professionally managed and capable of contributing to Bangladesh's long-term economic progress. For the founders of the Group, creating social value has always mattered as much as profit. Every investment we make is also measured by the livelihoods it supports, the skills it builds and the communities it strengthens. Profit sustains a business; the value it creates for people is what gives it purpose.
Bangladesh is entering a new stage of development, and we believe the businesses that succeed will be those that invest not only for the next few years, but for generations to come.
Tanvir Ahmed is the Managing Director of Sheltech Group & Envoy Legacy.
