Summit Group

Summit Group is a Bangladeshi conglomerate. It has business interests in communication, trading, energy and power, shipping.[4][5]

History

Summit Power Limited was established on 30 March 1997 in Dhaka, Bangladesh.[6] Muhammed Aziz Khan is the founding chairman of Summit.[7] It is a subsidiary of Summit Power International based in Singapore.[6] On 7 June 2004, Summit Power was made into a public limited company.[6]

In September 2007, the Anti-Corruption Commission filed a case against former Prime Minister Sheikh Hasina, alleging that she accepted a BDT 30 million bribe from Summit Group, Wärtsilä, and United Group in exchange for approving a 100 MW power plant in Khulna.[8] The bribe was used to buy a property in Dhanmondi under the Bangabandhu Memorial Trust.[8] The other accused in the case were Abul Kalam Azad, Nooruddin Mahmud Kamal, Tawfiq-e-Elahi Chowdhury, Muhammed Aziz Khan, Hasan Mahmud Raja, and Farid Khan.[8]

Summit Communication received a nationwide telecommunication transmission network license from Bangladesh Telecommunication Regulatory Commission in 2009,[9] and laid down the largest fibre optic cable network in Bangladesh.[10]

In January 2011, Summit Group signed an agreement with the World Bank to finance the purchase of equipment from General Electric worth US$115 million for Bibiyana power plant.[11]

In November 2012, Summit Group signed an agreement with China Energy Group to cooperate in the energy sector.[12]

Taiyo Life Insurance purchased 12.6 percent of Meghnaghat power plant from Summit Group in 2013 for US$20.3 million.[13]

In July 2014, Summit Group received a US$190 million loan from Standard Chartered Bank for a power plant in Narayanganj District to be built by its subsidiary Summit Meghnaghat Power Company Limited.[14]

In 2016, Summit Group formed Summit Technopolis, a joint venture with Indian company Infinity Infotech Parks Limited, to build a hi-tech park in Gazipur.[15] Summit Group merged Summit Purbanchol Power Company, Summit Narayanganj Power, and Summit Uttaranchal Power Company under Summit Power.[16] Aziz Khan was appointed the honorary counsel general of Finland in Bangladesh.[17]

In April 2017, Summit Group secured a loan from The City Bank for Summit Barisal Power Limited and Summit Narayanganj Power Unit II Limited.[18] It signed an agreement with Bangladesh Power Development Board to build 149MW power plant in Gazipur District.[19] Wärtsilä would supply the equipment for the Gazipur plant.[20] Faisal Khan was appointed additional managing director of Summit Group in July 2017.[21] It received permission to establish a liquefied natural gas terminal in Moheshkhali.[22] The group would invest 3 billion USD to build the terminal with Mitsubishi Corporation.[23] The terminal was given a 15 year tax exemption by the National Board of Revenue.[24]

In 2018, the chairman of Summit, Aziz Khan, was the 34th richest man in Singapore.[25]

In April 2019, Summit Group started supplying the national grid with Liquefied natural gas.[26] In October 2019, JERA purchased a 22 percent of Summit Power International for US$330 million.[27] The company announced plans to invest five billion USD next five years with 60 percent of the investment coming from JERA.[28] It announced a US$500 million joint investment with JERA to build the Matarbari Power Plant.[29]

In May 2020, Summit Group received US$140 million from Clifford Capital Pte Ltd and Sumitomo Mitsui Banking Corporation for the Summit Gazipur II Power Plant.[30] Summit established the Hamiduzzaman Sculpture Park in its Gazipur powerplant.[31]

In 2022, the chairman of Summit, Aziz Khan, was the 42nd richest man in Singapore.[32] According to The Daily Star, Summit Group received the second highest capacity charge from the government of Bangladesh at 12.57 percent of capacity charge payments.[33]

List of companies

• Summit Industrial & Mercantile Corporation (Pvt.) Ltd.[34]
• Cosmopolitan Communications Limited.[35]
• Cosmopolitan Traders (Pvt.) Ltd.[36]
• Cosmopolitan Finance Ltd.[37]
• Summit Power Limited.[38]
• Summit Turbine Division.[39]
• Summit Shipping Ltd.[40]
• Summit Communications Ltd.[41]
• United Summit Coastal Oil Ltd.
• Summit Asia Pacific Pte. Ltd.
• Resources & Solutions Ltd.
• Summit Developers Ltd.
• Summit Towers Ltd.
• Summit Technopolis[15]
• Khulna Power Company Limited (associated company)[42]

Projects

• Summit LNG Terminal[42]
• Summit Meghnaghat Power Company Limited[42]
• Summit Bibiyana Power Company Limited[42]
• Summit Gazipur II Power Limited (Summit Gazipur II Power Plant)[42]
• Summit Gazipur I Power Limited (Summit Gazipur I Power Plant)[42]
• Summit Barisal Power Limited (Summit Barisal Power Plant)[42]
• Summit Narayanganj Power Unit II Limited[42]
• Ashulia Power Plant II[42]
• Narayanganj Power Plant I[42]
• Maona Power Plant[42]
• Madhabdi Power Plant II[42]
• Jangalia Power Plant[42]
• Chandina Power Plant II[42]
• Rupganj Power Plant[42]
• Ullapara Power Plant[42]
• Ashulia Power Plant I[42]
• Chandina Power Plant I[42]
• Madhabdi Power Plant I[42]
• Khulna Power Company Limited Power Plant I[42]
• Khulna Power Company Limited Power Plant II[42]
• Khulna Power Company Limited Power Plant III[42]

Board of directors

See also

• List of companies of Bangladesh

External links

• Summit Group's corporate information