Meghna Ceramic Industries, part of the Meghna Group of Industries (MGI), has embarked on a significant expansion initiative, investing $45 million to boost its production capacity. This move aims to capture a larger share of Bangladesh’s expanding tiles market, valued at over $500 million. Since July last year, the company’s Narayanganj-based facility has ramped up its daily tile production from 31,000 to an impressive 51,000 square meters. The expansion was funded by a combination of internal resources totaling $19 million and a syndicated loan of $26 million.
This loan, facilitated by Prime Bank and the Islamic Corporation for the Development of the Private Sector, offers favorable terms, including an 8-year repayment period and a competitive interest rate of 3.75% plus the Secured Overnight Financing Rate (SOFR). With this financial support, Meghna Ceramic Industries acquired sophisticated machinery from Europe, augmenting its manufacturing capabilities. This investment supplements the $100 million previously injected into the facility, equipped with state-of-the-art technology sourced from global suppliers. With a workforce of over 400 employees, the company is strategically positioned to capitalize on Bangladesh’s growing demand for ceramic products, fueled by urbanization, infrastructure development, and robust construction activities.