Bashundhara Group
Bashundhara Group is a large Bangladeshi conglomerate that began in real estate and expanded into manufacturing, construction materials, paper, energy, media, retail and other businesses.
Last updated August 31, 2026
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Overview
Bashundhara Group is a diversified Bangladeshi business group headquartered in Dhaka. It was established in 1987 through East West Property Development Ltd., a real-estate venture founded by Ahmed Akbar Sobhan. The company's early business was centered on property development, especially the Bashundhara residential project in Greater Dhaka. It subsequently broadened its activities into manufacturing, trading, construction materials, paper and pulp, tissue, steel, cement, liquefied petroleum gas, food, energy, media, retail and hospitality-related ventures. The group is organized as a house of companies rather than as a single focused consumer brand. Its portfolio is reported to contain more than 50 major concerns and includes both industrial businesses and high-profile consumer-facing properties. Its real-estate interests include East West Property Development and Bashundhara Residential Area, one of the largest privately developed residential districts in the Dhaka metropolitan region. Bashundhara City, a major shopping and entertainment complex in central Dhaka, extends the group's property presence into retail and commercial real estate. Manufacturing became an important second phase of the group's development. During the 1990s, the group added cement, paper, pulp, tissue, steel and LPG bottling and distribution operations. It later expanded into food production, including flour, wheat products and meat, and into bitumen, coal trading, oil-refining proposals and gold-refining investment plans. The group has also received approval to establish specialized economic zones in Keraniganj and has announced industrial investments connected with Bangabandhu Sheikh Mujib Shilpa Nagar. Bashundhara's media portfolio is operated mainly through East West Media Group, established in 2009. That subsidiary has been associated with the newspapers Bangladesh Pratidin, Kaler Kantho and Daily Sun; the online portal Banglanews24.com; News24 television; T Sports; and Radio Capital. The group also has sports and food-service interests, including Bashundhara Kings, Rangpur Riders and the Bangladesh operation of Kebab Turki Baba Rafi. The group's expansion has made it a significant employer, investor and industrial operator in Bangladesh. Its reported activities include large-scale capital projects in steel and energy, as well as import and export operations. The group reported import-export turnover of approximately USD 1.12 billion, or BDT 111.38 billion, for the 2022–23 fiscal year, according to the cited Wikipedia article. Such figures should be treated as reported group-level figures rather than audited consolidated financial data unless independently verified. Bashundhara has also faced substantial legal and reputational scrutiny. Ahmed Akbar Sobhan and members of his family were convicted in a 2007 tax-evasion case, although the business paid compensation to the government during the political crisis of 2006–08. In 2025, Bangladeshi authorities pursued several investigations and court proceedings involving alleged unexplained wealth, money laundering, disputed port charges, and bounced employment-benefit cheques. These matters concern allegations or procedural actions and should not be presented as final findings unless courts establish them. The group's media offices were vandalized in August 2024, and Bashundhara City experienced major fires in 2009 and 2016. Despite these controversies, the group remains active across Bangladesh's property, industrial, media and consumer sectors.
History
Bashundhara Group began in 1987 when Ahmed Akbar Sobhan established East West Property Development Ltd. as a real-estate company. Its first major identity was therefore tied to urban development rather than manufacturing. The Bashundhara residential project became the group's signature property initiative and helped establish the name in the Dhaka region. During the early 1990s, the group began diversifying beyond property. It created or acquired businesses connected with cement, paper, pulp, tissue, steel and liquefied petroleum gas bottling and distribution. This expansion reflected a strategy of building an integrated industrial portfolio serving Bangladesh's growing construction, housing and consumer markets. The group also developed trading operations and later added food production, including flour, wheat products and red meat. Real estate remained central to the portfolio. East West Property Development operated the Bashundhara Residential Area, a large residential and semi-commercial district described as a privately developed city-like project within Greater Dhaka. The group also developed Bashundhara City, a large commercial and shopping complex at Panthapath in Dhaka. Construction began in 1998, and the mall opened to the public on 6 August 2004. The complex contains retail, dining and entertainment facilities within a high-rise structure. It experienced serious fires in 2009 and 2016; the 2009 fire caused deaths and injuries, while the later incident reportedly caused no casualties. The group's media expansion began in 2009 with East West Media Group. The media subsidiary built a portfolio spanning Bengali and English newspapers, online news, television, sports broadcasting and FM radio. Its associated outlets include Bangladesh Pratidin, Kaler Kantho, Daily Sun, Banglanews24.com, News24, T Sports and Radio Capital. The media operation became one of the group's most visible public-facing businesses. In 2016, East West Media Group was recognized by Bangladesh's National Board of Revenue as a high taxpayer, according to the cited reference. Its offices were vandalized in August 2024. Bashundhara continued to move into large industrial and infrastructure-related projects during the 2010s and 2020s. In 2013, it reported a major investment in food production. The group later announced a large bitumen plant, entered coal trading, and planned several factories in Bangabandhu Sheikh Mujib Shilpa Nagar. It also received permission from the Bangladesh Economic Zones Authority for specialized economic zones in Keraniganj. Subsequent announcements covered an oil refinery in Sitakunda, a gold refinery near the Dhaka-Purbachal highway and a phased steel plant in Chattogram. The group also explored telecommunications investment through a proposal involving the state-owned operator Teletalk. Bashundhara's business ecosystem includes industrial companies, media properties, real-estate developments, retail and sports ventures. The group is associated with Bashundhara Kings and Rangpur Riders, as well as the Bangladesh business of Kebab Turki Baba Rafi. Its industrial portfolio includes paper and paper products, cement, steel, LPG and food products, while its trading activities extend to commodities and import-export operations. The group has faced legal controversy. In 2007, Ahmed Akbar Sobhan, his wife Afroza Begum and their four sons were sentenced to prison in a tax-evasion case. During the 2006–08 political crisis, management under a committee reportedly paid compensation to the government for previously evaded taxes, though this action was disputed by Sobhan. In 2025, courts and regulators pursued further proceedings involving alleged unexplained wealth, potential money laundering, a disputed port-charge waiver, and employment-benefit cheques. These matters should be distinguished between allegations, investigative measures and judicial outcomes. By the 2022–23 fiscal year, the group was reported to have more than 50 major concerns and import-export turnover of about USD 1.12 billion. Its continuing investments in paper, steel, energy and other sectors demonstrate an expansion model based on a broad family-controlled corporate house rather than a single industry specialization.
- 2024
Paper businesses issue sustainability report
[1]Bashundhara Paper Mills and Bashundhara Multi Paper Industries published a sustainability report aligned with the UN Sustainable Development Goals.
- 2023
Telecommunications investment proposal
[1]Bashundhara Telecommunications proposed becoming a strategic investor in Teletalk.
- 2022
Gold-refinery and steel projects announced
[1]The group announced a gold refinery and a phased steel manufacturing project, while an affiliated company signed an agreement concerning Chittagong Stock Exchange shares.
- 2021
Oil-refinery investment announced
[1]Bashundhara announced plans for a major oil refinery project in Sitakunda.
- 2020
Bitumen and industrial expansion
[1]The group invested in a large bitumen plant, entered coal trading and announced three factories in Bangabandhu Sheikh Mujib Shilpa Nagar.
- 2013
Expansion into food production
[1]Bashundhara announced a major investment in food-sector production, including flour, wheat products and meat.
- 2009
East West Media Group established
[1]The group entered large-scale media operations through East West Media Group.
- 2004
Bashundhara City opens
[1]The shopping complex opened to the public on 6 August.
- 1998
Construction begins on Bashundhara City
[1]Construction started on the group's major commercial and shopping complex in Dhaka.
- 1987
East West Property Development established
[1]Ahmed Akbar Sobhan founded the real-estate venture that became the starting point of Bashundhara Group.
Products and positioning
A Bangladesh-focused diversified conglomerate combining large-scale property development with industrial manufacturing, infrastructure-related materials, trading, media and consumer-facing businesses.
Real estate
Bashundhara Residential Area
A large residential and semi-commercial development in Greater Dhaka operated by East West Property Development. It is one of the group's foundational projects and gives the Bashundhara name a strong association with planned urban development, housing and land development.
Retail and commercial real estate · 2004
Bashundhara City
A major Dhaka shopping and entertainment complex at Panthapath. Construction began in 1998 and the facility opened in 2004. It contains retail stores, jewelry outlets, restaurants and other commercial facilities, making it one of the group's most recognizable consumer-facing properties.
Paper and tissue products
Bashundhara Paper
The group's paper-sector businesses manufacture paper, pulp, tissue and related products. They form part of Bashundhara's long-running industrial base and serve commercial, institutional, packaging and household markets in Bangladesh.
Construction materials
Bashundhara Cement
A cement business developed during the group's industrial diversification. It supports Bangladesh's construction and infrastructure markets and complements the group's property, steel and other building-material activities.
Energy and fuel distribution
Bashundhara LPG
The group's liquefied petroleum gas business includes bottling and distribution activities. It represents Bashundhara's move from property and manufacturing into household and commercial energy supply.
Media · 2009
East West Media Group
A media subsidiary established in 2009 with newspaper, digital, television, sports broadcasting and radio operations. Its associated outlets include Bangladesh Pratidin, Kaler Kantho, Daily Sun, Banglanews24.com, News24, T Sports and Radio Capital.
Steel manufacturing
Bashundhara Multi-Steel Industries
A steel-focused group concern associated with a phased manufacturing investment in the Bashundhara Industrial Economic Zone at Bangabandhu Shilpa Nagar. The announced project was intended to create substantial annual steel-production capacity.
Controversies
2025
Asset-freezing order and anti-corruption investigation
A Dhaka court ordered the freezing of shares and bank accounts connected to Ahmed Akbar Sobhan and family members after an Anti-Corruption Commission petition concerning alleged unexplained wealth and money laundering.
2025
Alleged forged port-waiver letter
A Bashundhara official was jailed in a case alleging that a forged Ministry of Shipping letter was used to seek a reduction in port storage charges for imported steel containers.
2025
Alleged overseas money transfers and unexplained wealth
The Anti-Corruption Commission reported allegations involving assets beyond known income and transfers to overseas jurisdictions. The reported figures and claims remained matters for investigation and legal process.
2009
Fatal fire at Bashundhara City
A fire at Bashundhara City killed seven people and injured 20 others. The incident raised serious safety concerns concerning the group's flagship commercial property.
2007
Tax-evasion convictions involving the Sobhan family
Ahmed Akbar Sobhan, his wife and four sons were sentenced to prison in a tax-evasion case. During the subsequent political crisis, a management committee reportedly paid compensation to the government for previously evaded taxes, while Sobhan disputed aspects of the committee's authority.
Marketing campaigns
- 2025Papertech Expo participation
Bangladesh
Bashundhara Paper Mills participated in the sixth Papertech Expo held at International Convention City Bashundhara in Dhaka, using an industry exhibition to present its paper-sector presence.
Outcome. Participation demonstrated continued trade-show and business-to-business engagement; a specific commercial outcome was not reported.
- 2024Sustainability reporting aligned with UN Sustainable Development Goals
Bangladesh
Bashundhara Paper Mills and Bashundhara Multi Paper Industries issued their first sustainability report using the UN Sustainable Development Goals as a reporting framework. The initiative positioned the paper businesses around formal environmental and social reporting.
Outcome. The companies publicly disclosed sustainability information and reported increased corporate-social-responsibility spending in fiscal 2023–24.
Brand decisions
2024
Increase paper-sector sustainability disclosureOtherBackground
The group's paper companies sought to formalize sustainability and corporate-responsibility reporting.
Action taken
Bashundhara Paper Mills and Bashundhara Multi Paper Industries published a first sustainability report based on the UN Sustainable Development Goals.
Aftermath
The companies reported a 21 percent increase in CSR spending during fiscal 2023–24.
2023
Propose strategic investment in TeletalkStrategyBackground
The state-owned telecommunications operator Teletalk was described as financially challenged and open to strategic investment discussions.
Action taken
Bashundhara Telecommunications submitted a proposal to the Post and Telecommunications Division to become a strategic investor.
Aftermath
The cited material does not establish whether the proposal was accepted or implemented.
2022
Announce gold-refinery and steel investmentsStrategyBackground
The group continued to pursue capital-intensive projects in metals and industrial production.
Action taken
It announced a gold refinery near the Dhaka-Purbachal highway and a phased steel plant in Chattogram.
Aftermath
The announcements represented a further move into strategic industrial infrastructure. The cited material does not verify the completion of all planned phases.
Announced gold-refinery and phase-one steel investments. USD 546 million for the gold project and USD 395 million for phase one of the steel project (2022)
2022
Pursue an interest in Chittagong Stock ExchangeM&ABackground
Bangladesh's demutualization framework allowed strategic investors to participate in stock-exchange ownership.
Action taken
ABG Limited, a Bashundhara concern, signed an agreement concerning the acquisition of a 25 percent shareholding in the Chittagong Stock Exchange.
Aftermath
The agreement indicated an expansion from industrial and media businesses into capital-market infrastructure.
Agreement value. BDT 240 crore reported (2022)
2021
Plan an oil refinery in SitakundaStrategyBackground
Bashundhara sought to deepen its participation in energy and heavy industry.
Action taken
The group announced an oil-refinery project on 220 acres in Sitakunda, near Chattogram.
Aftermath
The plan expanded the group's stated energy ambitions; the available material does not confirm operational completion.
Announced refinery investment. USD 909 million announced (2021)
2020
Invest in bitumen, coal and new factoriesStrategyBackground
The group was broadening its industrial and trading portfolio beyond property, paper and construction materials.
Action taken
It announced a large bitumen plant, entered coal trading and committed to three factories at Bangabandhu Sheikh Mujib Shilpa Nagar.
Aftermath
The announcements reinforced Bashundhara's strategy of pursuing large-scale industrial diversification, although the cited material does not establish the completion status of every project.
Announced investment for three factories. BDT 4,350 crore announced (2020)
Recent events
- 2025
Bashundhara Paper participates in Papertech Expo[1]
Campaign · Other
Bashundhara Paper Mills participated in the sixth Papertech Expo at International Convention City Bashundhara in Dhaka.
- 2024
Paper businesses publish sustainability report[1]
Other
Bashundhara Paper Mills and Bashundhara Multi Paper Industries released a sustainability report aligned with the United Nations Sustainable Development Goals.
- 2024
East West Media Group offices vandalized[1]
Other
The offices of East West Media Group were vandalized in Dhaka on 18 August.
- 2023
Bashundhara Telecommunications proposes investment in Teletalk[1]
M&A
Bashundhara Telecommunications submitted a proposal to become a strategic investor in the state-owned operator Teletalk.
- 2022
Bashundhara announces Bangladesh gold-refinery project[1]
Product launch
The group announced an approximately USD 546 million project intended to establish Bangladesh's first gold refinery near the Dhaka-Purbachal highway.
- 2022
Bashundhara Multi-Steel Industries announces phased steel investment[1]
Product generation
The company announced a USD 395 million first phase for a steel plant, with a later phase intended to increase annual capacity substantially.
- 2022
ABG Limited signs agreement concerning Chittagong Stock Exchange shares[1]
M&A
ABG Limited, a Bashundhara concern, signed an agreement to acquire a 25 percent interest in the Chittagong Stock Exchange under Bangladesh's demutualization framework.
- 2021
Bashundhara announces oil-refinery investment[1]
Other
The group announced an approximately USD 909 million investment plan for an oil refinery on 220 acres in Sitakunda, Chattogram.
- 2020
Bashundhara announces major industrial investments at Bangabandhu Sheikh Mujib Shilpa Nagar[1]
Other
The group announced an investment of BDT 4,350 crore for three factories expected to create nearly 3,900 jobs.
- 2020
Bashundhara invests in a large Bangladesh bitumen plant[1]
Product launch
The group announced an investment of approximately USD 143.7 million in a bitumen manufacturing plant described as Bangladesh's largest.
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