Nitol Niloy Group is a Bangladeshi diversified conglomerate based in Dhaka. Its primary business is the import and distribution of Tata Motors vehicles in Bangladesh.[1] Abdul Matlub Ahmad is the chairperson of Nitol Niloy Group.[2] Selima Ahmad is the vice-chairperson of Nitol Niloy Group.[3]
Nitol Niloy Group was established in January 1980 as Nitol Motors Limited, an importer of vehicles.[4]
Nitol Motors Limited became the distributor of Tata Motors in Bangladesh in 1988.[5]
In 1991, Nitol started assembling trucks and buses for Tata in Bangladesh.[6]
Niloy Cement Clinkerization started operations in September 2007.[7] It was the first cement clinkerization plant in Bangladesh.
The group has an annual turnover of 5 billion taka in 2010.[8]
Nitol-Niloy Group led a delegation of Bangladeshi companies to Uganda in May 2011.[9] It announced plans to invest US$12.5 million to develop rice cultivation in Uganda.[9] It signed an agreement with Amrit Group to develop a poultry industry in Bangladesh.[10] It opened a driving school in Kishoreganj District called Nitol-Tata Driving Training Institute.[11]
Nitol Niloy Group controlled FAS Finance and Investment.[12] It pulled out its investment from FAS Finance and Investment and the company was taken over by PK Halder who embezzled 13 billion taka funds from the financial institute.[12]
Nitol Niloy Group signed an agreement with Hero MotoCorp to invest US$40 million to establish a motorcycle plant on 20 April 2014.[13]
In 2016, Nitol Niloy Group requested permission from Bangladesh Bank to invest US$7 million in Gambia but were denied permission.[14][15] Later Finance Minister A. H. M. Mostafa Kamal, who is in favor of foreign investments by Bangladeshi companies, requested them to submit a detailed investment plan to the central bank which they failed to do.[14]
Nitol Niloy Group announced plans to assemble Tata pickups under Nita Company Limited, a joint venture with Tata Motors, in September 2018.[6] Production was scheduled to begin in 2020.[6] The project suffered delays due to the COVID-19 pandemic in Bangladesh.[16] The company had also expressed an interest in assembling small cars of Tata in Bangladesh.[17] Bangladesh is the fourth largest market for Tata motors.[18] It is also delayed the launch of an electric vehicle assembled in Bangladesh due to the pandemic.[19]
Nitol Niloy Group is part of the Star Infrastructure Development Consortium which has 17 Bangladeshi conglomerates.[20] Star Infrastructure Development Consortium plans to open a US$3.5 billion steel plant in Chittagong in partnership with Kunming Iron & Steel Holding Company Limited.[20] It also has a joint venture with Hero Group to produce motorcycles in Bangladesh.[21][22]
In February 2019, Nitol Niloy Group received a license from the Bangladesh Economic Zones Authority to establish Kishoreganj Economic Zone. The group planned to invest 3 billion taka to develop the 84-acre site.[23]
