S. Alam Group: Growth, Industries, Impact and the Road Ahead

S. Alam Group is one of Bangladesh’s most talked-about business empires. Founded in 1985 by industrialist and philanthropist Mohammed Saiful Alam, the group has grown from a trading outfit into a far-reaching conglomerate spanning food, steel, cement, power, finance, real estate, logistics and media.

Today, S. Alam Group reportedly comprises over 200 companies, employs more than 20,000 people across Bangladesh and has an estimated total equity of around 140 billion BDT (about 1.3 billion USD). Its products and services touch everyday life in Bangladesh, from the cooking oil and sugar used in household kitchens to the cement and steel behind new roads, bridges and buildings.

At the same time, the conglomerate sits at the center of intense regulatory scrutiny and political controversy, particularly around its banking interests and a flagship coal power project. Understanding S. Alam Group therefore means looking at both its economic role and the complex governance environment it operates in.

How S. Alam Group Grew Into a Major Bangladeshi Conglomerate

S. Alam Group began its journey in 1985 in Chattogram (Chittagong), under the leadership of founder Mohammed Saiful Alam. Over four decades, the group followed a classic South Asian conglomerate trajectory:

Starting in trading and basic industrial activities
Moving up the value chain into manufacturing
Diversifying into heavy industry, finance and energy
Adding logistics, transportation, real estate and media businesses to integrate its ecosystem

Today the group highlights three broad pillars of activity:

Finance– stakes in several banks and financial institutions
Industrial operations and manufacturing– food, steel, cement, packaging and more
Commercial services and trading– trading arms, shipping, logistics and related services

This diversified model allows S. Alam Group to spread risk, capture synergies between its businesses and play a wide-ranging role in Bangladesh’s economic development.

Key Business Pillars and Flagship Operations

Food and Allied Products: Supporting Everyday Consumption

One of S. Alam Group’s most visible contributions is in food and allied products, particularly in essential commodities that millions of Bangladeshis rely on daily.

The group’s food-related companies include, among others:

S. Alam Vegetable Oil Limited
S. Alam Super Edible Oil Limited
S. Alam Soya Seed Extraction Plant Ltd.
S. Alam Refined Sugar Industries Ltd. (including Unit 2)
Silver Food Industries Limited

Through these entities, S. Alam Group is a major player in:

Edible oil– a staple product that directly affects household budgets and food security
Refined sugar– critical for both consumers and food-processing industries
Food processing and packaging

By operating large-scale refining and processing facilities, the group can leverage economies of scale to supply a high-volume domestic market. This positions S. Alam Group as an important part of Bangladesh’s food supply chain, especially in urban centers.

Cement and Steel: Building the Backbone of Infrastructure

S. Alam Group is also a significant provider of building materials that underpin Bangladesh’s infrastructure boom, from high-rise construction to public works.

Key industrial units include:

S. Alam Cement Ltd.
Portland Cements Ltd.
S. Alam Steels Ltd.
S. Alam Cold Rolled Steels Ltd. (including Unit 2)
Galco Steels (BD) Ltd. (including Unit 2)

These businesses enable S. Alam Group to:

Supply cement for housing, real estate and industrial projects
Produce steel and cold-rolled products for construction and manufacturing
Support infrastructure development that drives economic growth and job creation

As Bangladesh continues investing in roads, bridges, ports and urban development, domestic production of cement and steel helps reduce import dependence and stabilise supplies — areas where S. Alam Group has positioned itself as an important player.

Power and Energy: The 1,320 MW Banshkhali Coal Power Project

Perhaps the most high-profile industrial initiative linked to S. Alam Group is its involvement in large-scale power generation.

In 2013, an S. Alam company signed an agreement with Chinese firm SEPCO3 to develop a major coal-fired power plant in Chattogram. This project, implemented through entities such as SS Power 1 Ltd and SS Power 2 Ltd in Banshkhali (Gandamara), has a total capacity of 1,320 MW and has been reported as commercially operational since 2023.

Within the group’s power and energy portfolio are companies such as:

S. Alam Power Plant Ltd. and Unit 2
S. Alam Power Generation Ltd.
Karnaphuli Prakritik Gas Co. Ltd.
Shah Amanat Prakritik Gas Co. Ltd.
SS Power 1 Ltd and SS Power 2 Ltd (coal power, Banshkhali)

From an economic perspective, such projects aim to:

Boost national generation capacity in a fast-growing economy
Support industrial users that need stable electricity
Enhance energy security and reliability in the medium term

The Banshkhali coal plant has also been the focus of significant controversy and local protest, particularly over environmental concerns and labour conditions. In 2021, a labour unrest incident at the site led to police firing which killed five workers and injured others. Bangladesh’s High Court later ordered S. Alam Group to pay compensation to the families of those killed. These events underline how major infrastructure projects must increasingly balance growth with social and environmental expectations.

Shipping, Transportation and Trading: Integrating the Supply Chain

A major strength of S. Alam Group lies in how it links production with logistics and trade. The group has invested in shipping, transportation and trading entities that help move raw materials and finished goods efficiently.

Examples include:

Bering Sea Lines
Evergreen Shipping Ltd.
S. Alam Luxury Chair Coach Services Ltd. (intercity passenger transport)
Sonali Cargo Logistics (Pvt.) Ltd.
S. Alam Brothers Ltd.
S. Alam Trading Co. (Pvt.) Ltd.
S. Alam & Company
Sonali Traders and Global Trading Cor. Ltd.

In 2017, the group also ordered 20 ships from a local shipbuilder for around 2.5 billion BDT, reinforcing its maritime capacity. By combining industrial production with in-house shipping and trading, S. Alam Group can:

Secure more reliable access to imported raw materials
Control logistics costs across its value chains
Respond faster to market demand, both domestically and internationally

Real Estate and Properties: Capitalising on Urban Growth

Real estate and property development represent another leg of the group’s diversification strategy. Through companies such as:

S. Alam Properties Ltd.
Hasan Abason (Pvt.) Ltd.
Modern Properties Ltd.
Ocean Resorts Ltd.
Prasad Paradise Ltd.
Marine Empire and Fatehabad Farm Ltd.

the group participates in the urbanisation and housing story of Bangladesh. Activities in this segment include residential projects, commercial properties and hospitality ventures, particularly in and around Chattogram.

Media and Communications: From Ekushey Television to Nexus TV

S. Alam Group has also stepped into the media industry, a move that can amplify brand visibility and strategic influence.

Key media-related initiatives include:

The 2015 acquisition of Ekushey Television (ETV), one of Bangladesh’s pioneering private TV channels
The launch of Nexus Television in 2021 as a satellite television channel

The ETV episode has been deeply controversial. Reports describe the acquisition as a hostile takeover in a politically charged context, following the arrest and later imprisonment of ETV’s then-chairman Abdus Salam. After the 2024 political changes, Abdus Salam returned to the ETV office and regained control, publicly alleging that his shares had been diluted and transferred under pressure while he was in custody. These events highlight how media ownership in Bangladesh is closely intertwined with politics, regulation and corporate power.

Banking and Finance: A Central but Contested Role

S. Alam Group’s expansion into banking and financial services is one of the most consequential — and contested — aspects of its business story. Over time, the group or its controlling family has acquired significant stakes in multiple banks and financial institutions.

Key Financial Holdings

Reported banking and financial interests linked to S. Alam Group include:

Islami Bank Bangladesh Limited (IBBL)
First Security Islami Bank
Union Bank Limited
Global Islami Bank (formerly NRB Global Bank)
Social Islami Bank Limited (SIBL)
Aviva Finance (previously Reliance Finance)
Reliance Brokerage Services Limited

These stakes give S. Alam Group a powerful position within Bangladesh’s Islamic banking segment, as well as access to institutional financing for its industrial operations.

The Islami Bank Story and Remittance Flows

Islami Bank Bangladesh Limited, founded long before S. Alam became involved, has long been one of the country’s most watched banks. International scrutiny in the 2010s — including reports citing concerns about suspicious transactions and alleged links to extremist networks — led to a major leadership overhaul backed by the government.

In 2017, after board and management changes, S. Alam-linked interests assumed a central role at IBBL. The bank then pursued internal reforms, including:

Reconstituting the board and senior management
Attempting to de-politicise its image
Restructuring recruitment to promote more diversity

By 2020, IBBL had reportedly become a leading conduit for remittances, handling more than 30% of Bangladesh’s total remittance inflows. Given the importance of remittances to Bangladesh’s balance of payments and rural livelihoods, this made the bank, and by extension S. Alam’s financial interests, deeply significant to the wider economy.

Regulatory Concerns Around Bank Ownership and Lending

Alongside this growth, S. Alam Group’s banking footprint has drawn sharp attention from regulators, economists and the media. Concerns cluster around three main themes:

Concentration of ownership– In 2017, S. Alam entities reportedly acquired about 50% of Social Islami Bank’s shares through 19 subsidiaries, a structure critics argue conflicted with rules limiting how much of a bank a single individual or company can own without central bank approval.
Large, interconnected loans– Analysts and commentators have alleged that S. Alam Group and its affiliates secured very large loan exposures from multiple banks, raising questions about credit concentration and systemic risk. Some estimates cited in the press suggest loan exposure across banks in the hundreds of billions of taka, though the group and some of its banks have disputed specific figures.
Emergency central bank support– In early 2023, an S. Alam-controlled bank, Islami Bank Bangladesh Limited, received roughly 80 billion taka in emergency liquidity from Bangladesh Bank, highlighting pressures within parts of the Islamic banking segment.

These issues have fed broader debates in Bangladesh about governance, related-party lending and regulatory enforcement in the banking sector, with S. Alam Group frequently cited as a prominent case study.

SS Power and the $815.78 Million LC Controversy

In 2024, a detailed investigative report into SS Power Ltd, a concern of S. Alam Group related to the Banshkhali coal plant, alleged one of the country’s most serious recent financial scandals.

According to that investigation:

Between 2019 and 2023, around $815.78 million (roughly 10,000 crore BDT) was transferred abroad via two letters of credit (LCs) ostensibly opened to import capital machinery for the 1,320 MW coal plant.
Despite LCs covering items such as boilers, generators and transformers, no corresponding equipment was recorded as entering Bangladesh by customs authorities.
Bank documents showed 184 invoices uploaded to Bangladesh Bank servers, many with future dates, mismatched import permissions or data tied to export transactions rather than imports.
88 invoices were linked to 50 companies that reportedly had no relationship with SS Power or its Chinese contractor.
The state-owned bank managing the LCs confirmed that payments amounting to $815.78 million had been made to the overseas partner, even though customs records did not show corresponding imports.

SS Power’s chief financial officer has denied wrongdoing, while the bank involved acknowledged the transfers. The episode has intensified calls for stronger financial oversight, tighter LC monitoring and clearer accountability in large infrastructure financing. For S. Alam Group, it added another layer of scrutiny around its financing practices and international dealings.

Employment, Scale and Economic Footprint

Despite controversy, S. Alam Group’s economic footprint within Bangladesh is substantial and multi-dimensional.

Job Creation and Skills

The group employs over 20,000 people across its businesses, from factory workers and logistics staff to engineers, bankers, media professionals and corporate managers. This scale of employment contributes to:

Job creation in both urban and semi-urban areas
Skills development in manufacturing, finance, logistics and broadcast media
Indirect employment through contractors, suppliers and distribution networks

Contributions to Key Economic Sectors

Across its portfolio, S. Alam Group supports critical parts of the economy:

Food security– through production and distribution of edible oil and sugar
Industrialisation– via steel, cement and packaging
Energy availability– via power generation and gas distribution entities
Financial intermediation– through banks that mobilise savings and channel remittances
Logistics and trade– through shipping, cargo and trading companies
Urban development– through property and real estate projects

At a macro level, the group is often cited among the country’s largest conglomerates by turnover, standing alongside other industrial heavyweights in Bangladesh.

Philanthropy and Social Contributions

S. Alam Group also emphasises its role in philanthropy and social welfare, particularly in education and health.

Education-Focused Initiatives

The group has been involved in establishing and supporting:

Universities
Colleges
Schools

in different parts of Bangladesh. While details of each institution are typically highlighted in the group’s own communications, the overarching theme is a focus on:

Expanding access to higher education
Supporting local talent development
Creating pathways for youth employability in a growing economy

Healthcare Support During COVID-19

During the COVID-19 pandemic, S. Alam Group took visible steps to support medical facilities, particularly in Chattogram. Reported contributions included:

Supplying ICU ventilators and high-flow nasal cannulas to hospitals
Providing around 2,000 pieces of personal protective equipment (PPE) to hospitals under the Chattogram City Corporation
Supporting local health authorities as they struggled with surging caseloads

These actions reinforced the group’s public positioning as a corporate actor willing to step in during national emergencies.

Regulatory Scrutiny, Investigations and Legal Disputes

Alongside its industrial and philanthropic footprint, S. Alam Group has become a focal point in national debates over financial transparency, corporate governance and political influence.

Banking Investigations and Loan Concerns

Over the past decade, Bangladeshi authorities and courts have repeatedly turned their attention to S. Alam-linked banks and borrowing patterns. Publicly reported developments include:

Government and central bank reviews of loan exposures to S. Alam-related entities, amid concerns about very large, interconnected credit lines
High Court orders directing investigations into alleged loan irregularities in several S. Alam-controlled Islamic banks
Emergency liquidity injections by Bangladesh Bank into multiple Islamic banks associated with the group

Independent economists and think-tank analysts have raised alarms about the potential systemic risk posed by heavy concentration of loans to a small cluster of conglomerates, with S. Alam Group often cited by name. The group and its banks, for their part, have contested or downplayed some of the more dramatic loan figures reported in the media.

Consumer Protection and Market Behaviour

The group’s role in essential commodities has also drawn the attention of the Directorate of Consumers’ Rights Protection. At one point, regulators reported that a S. Alam edible oil unit had halted production or selling during a period of market tightness, contributing to price increases. Incidents like this have fed public discussion about how large commodity players should behave in times of scarcity.

Labour Rights and the Banshkhali Power Plant Protests

The Banshkhali coal plant has faced resistance since its early days. Environmental activists have criticised its ecological impact, while local residents and workers have protested over land, working conditions and religious observances.

The most tragic flashpoint came in April 2021, when a labour dispute over wages, dues and prayer breaks during Ramadan escalated and police opened fire on protesting workers, killing five young men and injuring many more. Subsequent legal action led the High Court to order S. Alam Group to pay compensation to the families of those killed, and the company faced criticism for cases filed under the Digital Security Act against a local engineer involved in highlighting issues at the plant.

Dispute With the Interim Government and International Arbitration Threat

Political changes in 2024 brought S. Alam Group under even more intense scrutiny. After the resignation of Prime Minister Sheikh Hasina and the formation of an interim government under Muhammad Yunus, authorities announced investigations into alleged financial misconduct by several large conglomerates, including S. Alam Group.

In this context, a high-profile legal and diplomatic twist emerged:

Mohammed Saiful Alam and his family had renounced Bangladeshi citizenship in 2020 and reportedly obtained Singaporean citizenship in 2022.
In December 2024, Alam issued a formal notice of dispute to Bangladesh’s interim government, citing the Bangladesh–Singapore Bilateral Investment Treaty (BIT) of 2004.
He alleged that the freezing of family bank accounts, travel bans, restrictions and management changes in S. Alam-linked banks, and money-laundering investigations without prior notice had unlawfully harmed their Singapore-based investments.
His legal team argued that these measures violated protections guaranteed under the BIT and Bangladeshi law, giving the government six months to resolve the dispute amicably before moving to international arbitration.

For Bangladesh, the case has broader implications: it tests how the state’s drive to tackle alleged large-scale financial misconduct interacts with investor-protection treaties and cross-border legal strategies. For S. Alam Group, it represents an attempt to shield its assets and assert its legal rights on an international stage.

Balancing Growth, Governance and Public Trust

S. Alam Group embodies many of the contradictions and possibilities of Bangladesh’s economic rise:

It is a major employer and producer of vital goods like edible oil, sugar, cement and steel, and it operates infrastructure that strengthens the national grid.
It plays a pivotal role in Islamic banking and remittance flows, channels that are critical to households across the country.
It is also entwined in allegations of over-concentrated bank ownership, large interlinked loans, and serious claims of capital flight via fraudulent letters of credit.
Its philanthropic footprint in education and health support coexists with hard questions about labour standards, environmental impact and media independence.

Going forward, the group’s trajectory is likely to be shaped by three main forces:

Regulatory reform– Stronger enforcement in banking, capital controls and corporate governance will influence how conglomerates like S. Alam are financed and supervised.
Public expectations– Citizens, workers and civil society are increasingly vocal about labour rights, environmental standards and fair market behaviour. Winning and keeping public trust will matter more than ever.
International legal and financial frameworks– With cross-border citizenship, overseas assets and investment treaties now in play, S. Alam’s decisions will be shaped not only by domestic politics but also by international law and global capital markets.

If S. Alam Group can align its considerable industrial and financial strengths with transparent governance and responsible practices, it has the capacity to remain a powerful engine of growth and employment in Bangladesh. If not, ongoing investigations and legal battles could reshape both the group itself and the broader rules of the game for large conglomerates in the country.

Either way, s alam group will continue to be a central case study for anyone seeking to understand how big business, regulation and politics intersect in one of South Asia’s most dynamic emerging economies.