IFAD Group played vital role in BD’s economy
Tasnuba Akhter Rifa :
IFAD Group played a significant role in the country’s economic progress with the charismatic leadership of it’s Chairman Iftekhar Ahmed Tipu.
The group has multi-faced ventures which success even crossed beyond the country as it has several business abroad.
In a recent interview with The New Nation Iftekhar Ahmed Tipu disclosed his vision and struggles over establishing the group.
The business leader is a self-confident, wise, and visionary entrepreneur. He is the founder and chairman of IFAD Group. Ambitious, courageous, and successful-Tipu began his journey with a borrowed capital of only BDT 300,000, launching ‘IFAD Enterprise’.
From that modest start, he built IFAD Group into a leading industrial empire in Bangladesh through relentless hard work, perseverance, and above all, investment management expertise. His initiatives have contributed significantly to employment creation in the country.
Recently, Iftekhar Ahmed Tipu was honored with the “World’s Greatest Leader Award” for his remarkable success in business and entrepreneurship. Simultaneously, IFAD Autos Limited won the “World’s Greatest Brand Award” as one of the fastest-growing companies in the automotive sector.
Currently, IFAD Group comprises 9 companies and employs over 7,000 people. Tipu is also the president of the Bangladesh Automobiles Assemblers and Manufacturers Association (BAAMA). This report highlights his entrepreneurial journey and achievements.
In response to the award, Tipu said, “All credit for these recognitions goes to the officers, employees, and stakeholders of IFAD Group.”
Born on March 23, 1949, Iftekhar Ahmed Tipu is the eldest of 9 siblings. After Bangladesh’s independence, the young Tipu felt a strong urge to become an entrepreneur and contribute to job creation. In 1972, along with four others, he began a transport business. However, due to profit mismanagement, he exited that venture. He then explored various business initiatives, nurturing a dream of launching his own enterprise.
In 1985, Tipu started anew with just BDT 300,000 borrowed from his younger brother, brother-in-law, and a friend. He launched IFAD Enterprise with only 12 staff members, supplying electronic equipment through international tenders. Unlike others, he worked multiple times harder than his peers. This venture marked the beginning of a highly successful entrepreneurial journey.
With diligence, integrity, and visionary management, Tipu expanded his investments and established multiple new ventures. Today, IFAD Group has 9 companies with 7,000+ employees, along with many indirect workers. Two more companies are currently being planned.
Business Expansion and Industrial Initiatives: Among his companies, IFAD Autos Limited is publicly listed. Tipu first found success by supplying electronic goods through tenders. Yet, he aspired for more and ventured into manufacturing, a more complex path. In 1987, after studying baby taxi production in India, he imported machinery and began local manufacturing. Later, he brought air conditioner parts from Hong Kong and produced them locally. These ventures met with great success and laid the foundation for broader industrial expansion.
Transport Sector – IFAD Autos: Since 1985, IFAD Autos Limited has been distributing Ashok Leyland vehicles in Bangladesh-buses, trucks, vans, double-decker buses, and more-for government departments, ministries, and private transport companies.
With commitment and excellent service, IFAD Autos earned a reputation in Bangladesh’s transport sector. By the late 1980s, they became Ashok Leyland’s local agents, importing various types of buses and trucks.
Today, IFAD Autos maintains 28 service centers nationwide and is the first company in Bangladesh to assemble large commercial vehicles. Their IFAD Auto Industrial Park, built on 70 bighas of land in Dhamrai, has a workforce of 650 (90% Bangladeshi). Plans are underway to employ an additional 1,500 people. Though the park’s annual capacity is 10,000 vehicles, current output is about 6,000.
The company’s annual turnover is BDT 8.4 billion, with plans to grow further. The vehicles are assembled mostly using local components, except for the engine, which is imported from India. They are also producing bodies and chassis for trolleys and pickup trucks using automation.
IFAD also manufactures and markets Atul-branded auto-rickshaws. Investment in Agro Industry: In 2003, Tipu established IFAD Agro Complex in Valuka, home to the country’s largest fish hatchery with 25 large ponds and 40 housing units. This plays a vital role in meeting the country’s protein needs.
In 2004, he began developing a modern agro-processing factory named IFAD Multi Products, which started production in 2007 in Jirabo, Ashulia. This FMCG company now produces a variety of food items.
Industrial Park & Export: IFAD Group owns a 110-acre industrial park in Jirabo, Ashulia, housing multiple factories. The products are supplied nationwide and exported to 31 countries. To meet local demand, the factories (e.g., chips, flour, semolina) run 24/7 or up to 18 hours a day. Their success lies in fulfilling consumer needs with integrity.
Partnerships and Global Ventures: IFAD Autos Limited signed a joint venture with Gulf Oil International on November 15, 2017, to produce and market lubricants in Bangladesh.
Recently, IFAD Group introduced Royal Enfield motorcycles to Bangladesh. The brand has generated massive excitement and marks a new era in the country’s transport landscape.