Building Futures: The Multi-Faceted Evolution of the Confidence Group

In the dynamic realm of industries, stories of transformation stand as guiding lights of innovation and perseverance. The Confidence Group, an emblem of pioneering excellence, embarks on an exceptional journey from its genesis in 1995 to its current status as a versatile conglomerate. With visionary leadership at its helm, including the founder, his brother, and close associates, this 28-year odyssey encompasses a transition from cement manufacturing to a conglomerate housing diverse enterprises.

The Confidence Group’s evolution underscores adaptability and strategic foresight. Its origins in cement manufacturing laid the foundation for expansion into sectors such as infrastructure, telecommunications, and power generation. This journey from humble beginnings to its current eminence showcases courage and a shared commitment to excellence across diverse ventures.

Regarding the founding of the group and all its ventures, Mr. Imran said: “The Confidence Group, as you know, was initiated in 1995. It was started by my father a few of his friends, and his brother. And over the last 28 years, we have evolved from only a cement manufacturer to many other industries.

“We are right now in cement manufacturing, as you know. We are in infrastructure. And when I say infrastructure, I don’t mean one facet of it. We are in manufacturing. We build our transmission lines, distribution lines, and products thereof. We are building food silos. We are building railways, power transmission towers, steel poles, concrete poles, and transformers. We are dredging, making geotextile, and many other things. I think we may be the largest local company building infrastructure in Bangladesh.

“And we started the infrastructure business in 2002-2003. The first step in the infrastructure business was taken by my father. We had a small coal factory at that time. And subsequently, we evolved into the things that I have previously mentioned.

After that, we entered into paint manufacturing through our joint venture initiative with Asian Paints. We own two paint factories right now, and we are the second-largest paint manufacturer in the country.

“We are also in battery manufacturing. I am sure you have seen tricycles across the country. And there are about 30 or 40 lakh tricycles in the country. Of that number of tricycles, we cater to 15 or 20% of the batteries. So in that segment, we are the market leader.

So basically, we are one of the promoters of electrical vehicles, if you may say so. Not directly manufacturing the tricycles themselves, but the primary fuel that is needed to drive the tricycles, too,” he adds.

“We are also in telecommunications. In this office right now, we are in the telecommunications office. We do many things in telecommunications. We are a national gateway service provider. We are an NIX service provider. We are an ISP. We have an IIG. We have content development. We also provide triple-play service, under the guidance of the BTRC.

Philosophically speaking, we do not do any business in which we see that, in the foreseeable future, we will not be among the top three.

“We also own a tower license, which means that we manufacture, establish, and operate towers for telecommunications companies. Our partner there is American Tower. American Tower is among the Fortune 500 companies globally,” Mr. Imran added.

The early 2000s marked a pivotal moment as the group ventured into infrastructure, constructing transmission lines, railways, and power transmission towers. This metamorphosis into a multifaceted powerhouse equipped for diverse industries reflects the group’s dynamic transition from cement to power generation, paint manufacturing, telecommunications, and battery production.

Collaboration with Asian Paints propelled the Confidence Group into paint manufacturing, securing its position as the nation’s second-largest paint manufacturer. Foraying into battery manufacturing, catering to a significant portion of the electric vehicle market solidified the group’s presence in the burgeoning electric vehicle ecosystem.

In telecommunications, the group established itself as a national gateway service provider, ISP, and content developer. Partnering with American Tower and owning a tower license solidified its footprint in telecommunications. Owning one of the nation’s largest power plants highlighted the group’s commitment to securing top-three statuses in each sector.

Around 2012-2013, a transformational shift in leadership philosophy prioritized empowering the workforce. Delegating decision-making authority and embracing technology unlocked the collective potential of employees, propelling the group’s accomplishments. 

Challenges were inevitable as the group embraced new industries and technologies; integrating automation, enhancing transparency, and adapting to new cultures posed formidable hurdles. Yet, dedication to innovation ensured triumph over these challenges, making the unfamiliar, familiar.

Mr. Imran reminisces about some of the challenges the group faced over the years: “When I joined the business in 2003, in terms of revenue, we were probably one-thirtieth of its size. And our manpower would probably not be more than 300 or 400,” he recalls.

Imran feels most of the problems that they have faced are adaptations to new technologies and new cultures. “There are many challenges, but I think the primary challenge that I see is human resources. Quality human resources in this industry have been an issue, and continue to be one.”

Despite the challenges, the Confidence Group is doing well, as attested by Mr. Imran: “Right now, we gross a revenue of about, I think, some, with our direct and indirect companies, we gross a revenue of about BDT 6,000 crores, plus-minus. And we employ about 7,000 employees. So, that magnitude of a business puts things in perspective.”

The group’s focus extends beyond market dominance, venturing into diverse value-added propositions. Ventures into geotextile manufacturing and agri-services mirror an approach driven by holistic growth, underscoring a commitment to innovation, impact, and courage.

Mr. Imran also shared in detail the challenges of building power plants and their plans in this industry: “When we set up our first set of four power plants, we did something that was done only once in the world before. Three of our power plants are located in North Bengal. And our power plants in North Bengal or all of our power plants, are HFO-based power plants. First, you bring in a type of oil called HFO and store it in a place called a depot. Once it’s there, you make sure everything is accounted for. Next, you take this HFO and transfer it from the depot to a big boat called a barge. The barge can hold a lot of HFO, either 2,000 tons all at once, or you can use more than one barge if needed. And if you take it upstream near Chandpur, you have to transship it to a 700-ton barge again, take it up close to Bhagabari, and then unload it in Bhagabari.  Again, we had to go upstream about 150-200 kilometers on lorries, so that we can reach the fuel that is needed to produce power at the power plants.

“The same thing needed to be done when you were building the equipment, or bringing the equipment; North Bengal is a landlocked area. There are not many rivers there. And our power plants—three of our power plants are in a landlocked area. So we brought in engines that were unassembled—completely unassembled. And we assembled those engines on-site. We did this with two sets of power plants. Before, there was only one instance of such an activity, in Africa,” the visionary shares.

When they entered the power business in 2017, at that time, the predecessors in the power business had already taken suitable locations beside the river. So they had to put them in a difficult position; there was nothing else. 

“We are happy to take on that challenge, but there are instances where such activity has not been successful. People have grown, and power plants have grown in size. Say, in our four power plants, our total investment could be some $350 million,” Mr. Imran mentions.

“Some of our decisions are out of the box. To some people, it may seem quite unconventional. So the reason that I say this is to help you understand the philosophy of the group itself,” he says.

Currently, they are building the second-largest private-sector power plant. We are doing it with General Electric as our technology partner. This power plant will come into operation in 2028. $550 million will be the fund required to execute this power plant. 

“The second largest, that by itself is a challenge. The fund size is around half a billion dollars. It’s not a joke. These are difficult activities, and we are confident that by 2028 this power plant will come into operation.”

The Confidence Group’s journey epitomizes the potential of visionary leadership, adaptability, and dedication. As they reshape industries and redefine success, their evolution stands as a global inspiration. The legacy of the Confidence Group reminds us that true success transcends profit margins, embodying innovation, influence, and the courage to venture into uncharted territories.