Formation | 1984 |
---|---|
Headquarters | Chittagong, Bangladesh |
Region served | Bangladesh |
Official language | Bengali |
Revenue | Tk 700 crore US$90 million (2021) |
Website |
www |
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]
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]