Dewan Group
Template:Use Pakistani English Template:Use dmy dates Script error: No such module "Infobox".Template:Template otherScript error: No such module "Check for conflicting parameters".Script error: No such module "Check for unknown parameters". Dewan Group is a group of companies headquartered in Karachi.[1]
History
Dewan Group was founded in 1912 as Sh Dewan Muhammad Mushtaq by Dewan M. Mushtaq Farooque.[1][2] Its early business was focused on trading secondhand garments, procured in Karachi and sold in Delhi.[1]
Following the partition of India, the family relocated from Patiala, East Punjab to Karachi.[1] In 1948, Dewan family founded Dewan Mushtaq Sons, operating from a small shop on North Napier Road.[1] Over time, the family encountered several tragedies coinciding with their business milestones.[1] Dewan Mushtaq died in 1968, and in 1970, a vehicular accident claimed the lives of his wife, their son Noman, and a daughter while traveling to the foundation stone ceremony of Dewan Textile Mills in Kotri, the group's first cotton spinning unit.[1]
After these events, leadership transitioned to Dewan Umar Farooque, the second eldest son, who expanded the business into importing second-hand clothes and tea.[1] Under his leadership, the group became a major player in the Pakistan Secondhand Cloth Merchant Group and the Tea Traders Association of Pakistan.[1]
Between 1970 and 1978, Dewan Umar and his brother Dewan Salman established additional textile spinning units in Kotri and Hyderabad, as well as a sugar mill in Thatta with a production capacity of 5,000 tons.[1]
In 1990, Dewan Group and Mitsubishi Corporation entered into an agreement establishing Dewan Salman Fibre (DSF).[1] Polyester fibre production began in 1992 and around this time, a 12.5% sales tax was introduced on PTA and MEG.[1]
In 1994, Dewan Group undertook Pakistan's first Euro Convertible Bond issue for Unit II, as the sales tax on PTA and MEG rose to 15%.[1] Unit II commenced production in 1995.[1] In 1996, Dewan Salman Fibres relinquished a previously held sales tax concession.[1]
In 1998, Dewan Group founded Dewan Farooque Motors.[1] By 2000, the first Kia Classic car was produced, and the group completed the acquisition of Dhan Fibre.[1]
In 2003, Dewan Group established Dewan Farooque Textile Mills.[1] In 2004, the group acquired Pakland Cement for Rs 1.1 billion, along with Khoski Sugar Mill, Bawany Sugar Mill, and Al Asif Sugar Mill, and made an investment in Dewan Petroleum.[1]
In 2006, an attempt to restructure Dewan Salman Fibres' debt did not succeed.[1] By 2007, banks limited working capital availability, and Dewan Zia stepped down as chairman, succeeded by Dewan Yousuf.[1] The group recorded its first net loss, primarily due to Dewan Salman Fibres' financial performance.[1] In 2008, all entities within the group reported losses, leading to a default.[1]
Companies
The group owns the following companies:
Cement
- Dewan Cement
- Pakland Cement, 1984
Dewan Karachi Plant established in 1982, having total capacity of 5880 tons/day. Dewan Hattar Plant established in 1995, having total capacity 3780 tons/day. Yousuf Dewan Companies acquired the Pakland Cement Limited, Karachi and Saadi Cement Limited, Hattar on May 17, 2004.[3]
Dewan Hattar Cement Limited merged Dewan Cement Limited on 22-Oct-2007.[4]
Automotive
- Dewan Motors Private Limited [5]
- Dewan Mushtaq Motor Company (Pvt.) Ltd.
- Dewan Automotive Engineering Limited (defaulter)
- Dewan Farooque Motors Limited[6]
Textile
- Dewan Textile Mills Limited (defaulter)[7]
- Dewan Khalid Textile Mills Limited (defaulter)[7]
- Dewan Mushtaq Textile Mills Limited (defaulter)[7]
- Dewan Farooque Spinning Mills Limited (defaulter)[8]
- Dewan Salman Fibre Limited (defaulter)[9]
Sugar
- Dewan Sugar Mills Limited (defaulter)[10]
Educational institutes
The group owns the following educational institutes:
References
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- ↑ Dewan Motors Wins BMW Award Newsweek (Pakistan) website, Published 25 May 2017, Retrieved 23 August 2020
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- ↑ Dewan Sugar Mills Limited Business Recorder, Published 20 August 2020
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