Grameen Telecom Trust and IES Alliance of Bahrain signed an MOU on June 4th ,2010 to set up a joint venture fibreglass company in Bangladesh.Â The company will be named as Grameen Fibreglass that will produce fibreglass products to popularize bio-gas use, and producing pipes to improve sanitation, sewerage, building materials, boats and furnitures. This will be a social business where owners may receive back the amount equivalent to their investment, but no dividend beyond that.Â Â The factory will be located at the Grameen Social Business Industrial Park at Kashimpur, Gazipur.Â The factory is expected to go into production by the end of this year.
IES Alliance is a fibreglass company based in Bahrain, owned by Mr. Shahid Ahmed, a Bangladeshi with thirty-five years of experience in producing fibreglass.Â Â At present the IES Alliance has three main sister concerns: Alliance Fiber Glass & False Marble Company, IES Alliance Business Solutions, Alliance Information Technology. Alliance Fibre Glass company offers top quality fibre glass and artificial Marble products within the GulfÂ region.
Mr. Ahmed responded to Professor Muhammad Yunus's call to set up social business to solve social and environmental problems, without any intention of making personal gain from it.