Widgetized Section

Go to Admin » Appearance » Widgets » and move Gabfire Widget: Social into that MastheadOverlay zone

Standard Group MD is hopeful of meeting export targets despite the setback

Mosharraf Hussain. Managing Director, Standard Group

Mosharraf Hussain. Managing Director, Standard Group

Standard Group, which had six of its units in Gazipur burnt down in an act of sabotage last November, is still hopeful of hitting the year’s export target.

“I am fighting back. I am recovering fast, as everyone is helping me. You can say I am lucky,??? Mosharraf Hussain, managing director of Standard Group, said in an interview.

The group, whose garment exports stood at $330 million and $325 million in 2013 and 2012 respectively, is hoping to hit the $350 million-mark this year.

Double shifts have been introduced in the remaining 16 units to re-manufacture the finished goods burnt down in the fire on November 28 last year, together with all furniture, machinery, fabrics, accessories and factory buildings.

Hussain expects to export the shipments, stalled by the blaze, within the next four months. He said the total losses from the fire would cross Tk 1,000 crore.

Bangladesh Bank has come up with a soft loan proposal of $25 million, while the foreign banks operating in the country have also pledged to allocate $25 million at 5 percent interest rate.

At least 12,000 workers were employed in the extinguished units at Konabari, Gazipur, but 90 percent of them have already been absorbed into the group’s other units.

“The door is open for the remaining 10 percent to join back if they want to,??? the 71-year-old said, adding that the company is also ready to pay compensation as per the laws of the land to them.

As for the burnt-out buildings, which spanned 6.5 lakh square feet, he said they have been abandoned for now, but a Bangkok-based consulting firm along with some Bangladeshi experts are examining to see if they can be re-used or not.

Regardless, the units will take at least three years for them to be functional again, said Hussain, a civil engineer by training.
He, however, declined to comment on the fire as a government-appointed team is investigating the matter.

“All I can only say is that it was an act of sabotage by a section of miscreants.???

And amid all the problems, the company has implemented the new wage structure across all its units.

“I am here today despite so many ups-and-downs in my business over the last 30 years. I will ride this one out as well,??? said Hussain, who started his garment business with a small factory at Kalabagan in Dhaka in 1984.

Report: Refayet Ullah Mirdha

Source: Daily Star

Share This Post