Established in 1976 as the Kamal Trading Company, the growth and expansion of Meghna Group of Industries have made it one of the frontrunners and drivers of Bangladesh’s emerging economy. It went from being a trading entity to a manufacturing conglomerate that seeks to generate value for consumers, the organisation, stakeholders and society in general.
The Meghna Group of Industries was established with a value-driven culture, strongly inspired by the mother of Mr. Mostafa Kamal, the Chairman of Meghna Group, who instilled in him her strong sense of morality and work ethic. In the words of Mostafa Kamal, ‘Due to my upbringing, there was always a considerable amount of appetite in me to face challenges with courage and passion. As an organisation, we always put respect, responsibility and relationships first to foster humanitarianism. Any beginning requires a great deal of curiosity, agility and simplicity to develop a mind-set of openness in the organisation.’
In its transformational journey, Meghna Group of Industries faced various challenges. ‘We were convinced to take risks without fear of failure. Facing the unknown required resilience,’ said Mr. Kamal of the initial years of growth. Having diversified into various industries such as shipping, consumer goods and cement, Meghna Group of Industries currently consists of 35 industry verticals, though they are pushing to make it 50 industry verticals by 2020. As Mr. Kamal put it, ‘To make such colossal growth sustainable, we must count every paisa. Gradually, we are embracing every new concept, system development and automation with the aspiration of adopting the latest technologies constantly.’
Establishing a sense of family and community within the organisation has been an essential component of the company’s success. Corporate strategy sessions are conducted on an annual basis with senior members of the organisation and family members to understand how best to implement the long-term vision of the company.
While revenues and profitability are core to any organisation, Mr. Kamal does not believe they do not outdo the company’s focus on values. According to Mr. Kamal, ‘When you fix values driven by thoughts, they can lead to better actions. Better actions often lead to better habits, and better habits allow us to form character and destiny. Value-driven intentions will always create better results and leave an enduring impression in all of our lives.
’ Incorporating his children in the Meghna Group of Industries has been important for Mr. Kamal. Currently, three of his children have joined the business after having completed their higher education, but they are still learning the inner workings of the organisation in order develop a personal and professional connection with it. As Mr. Kamal put it, ‘When I first acquired the land in Meghnaghat back in the late ’80s, I used to take my eldest daughter along with me for her to see the pain, agony, dreams and hopes that go hand in hand. I usually spend at least a whole day in a week in the factory with one of my family members. This family tradition continues today, as Mr. Kamal’s grandchildren also visit the office frequently, viewing the environment as both a playground and a place where important work is accomplished. This exposure helps create a link between the professional and personal perspectives of the organisation. ‘Meghna Group of Industries will grow and excel based on a shared value system, which will distinguish us and give us a competitive edge,’ Mr. Kamal added.
