Rahimafrooz Globatt Limited, a new subsidiary of Rahimafrooz Group, on Wednesday sent its first consignment of batteries to China, which is the first-ever export of such an item to the Chinese market by a Bangladeshi company.
Dynavolt, China has agreed to import at least 5,00,000 units within the next three years from the RGL which manufactures maintenance-free automotive, tractor, and inverter batteries, said RGL officials.
‘The export will generate $15 million in revenues for the RGL a year,’ RGL chief operating officer Abu Hasnat told New Age.
‘This is a great move by any Bangladeshi company as it is the country’s first export of engineered goods to China, which is one of the fastest-growing economies in the world,’ he said.
Currently, the Chinese vehicle population stands at about 90 million with a 15 per cent annual growth.
Hasnat said the RGL started its operations in August last year to produce technologically updated and maintenance-free batteries. Another Rahimafrooz subsidiary, Rahimafrooz Batteries Limited, has been manufacturing conventional batteries for many years.
He said the RGL had entered 18 countries in SAARC and ASEAN regions, Middle East and Africa and exported over 2,50,000 batteries in the first year of its operations.
Hasnat said the projected revenue of the RGL in the current financial year was around $28 million, which would grow to $70 million in next year.
As a group, Rahimafrooz has more than 56 years of experience in battery manufacturing. It has exported batteries to over 46 countries since 1992.
