Atlas Group(Urdu:اٹلس گروپ) is agroup of companiesheadquartered inLahore,Pakistan.[1][2]The group was founded by Yusuf H. Shirazi who was the chairman of Atlas Group. He was also the founder member ofKarachi Stock Exchange,Lahore Stock ExchangeandInternational Chamber of Commerce and Industry.[3]Mr Yousaf Shirazi died on 20 October 2019.[4]
 | |
| Company type | Corporate group |
|---|---|
| Founded | 1962 |
| Founder | Yusuf H. Shirazi |
| Headquarters | Lahore,Pakistan |
| Total assets |  US$1 Billion (2017) |
Number of employees | 10,000 |
| Website | atlas |
Atlas Group has its operations inpower generation,engineering,financial servicesandtradingfields.[2][5]The group expanded internationally with ventures inDubai,named Atlas Worldwide and Atlas Ventures, and an office inChina.[1]
History
editAtlas Group began as Shirazi Investment Private Limited (SIL) in 1962 with a capital of PKR 0.5 million and three employees, evolving into a diversified entity with operations inpower generation,engineering,financial services, andtrading.[1][6]
The group's early ventures includedreal estate,securities, andfranchises.[1]In 1963, it entered into a Technical Assistance Agreement with Honda Motor Company Limited, forming Atlas Honda Ltd for motorcycle manufacturing in Pakistan.[1]
In 1966, Atlas Battery Limited (ABL) was established to produce lead acid storage batteries in collaboration with Japan Storage Battery Company Limited, using AGS as its brand name.[1]
During the political and economic upheavals of the early 1970s, particularly after the1971 partition of Pakistanand thenationalization of industriesin 1973, Atlas Group faced significant financial challenges.[1]The devaluation of thePakistani rupeeand subsequent economic conditions impacted the company's finances, including its liabilities to financial institutions such as thePakistan Industrial Credit and Investment Corporation(PICIC) and Investment Corporation of Pakistan (ICP).[1]Despite these challenges, Atlas Group fulfilled its financial obligations, which helped maintain itscredibility.[1]
In 1973, Atlas Group diversified its portfolio by founding Shirazi Trading Company (STC).[1]Further diversification occurred in 1978 with the establishment of Panjdarya near Lahore, a private limited company aimed at manufacturing Honda motorcycles, a venture that was initiated to replace the Atlas Epak Limited project lost after the secession ofEast Pakistan,nowBangladesh.[1]This venture was a joint effort withHonda Motors of Japanand was later merged withAtlas Honda Ltd.[1]
During the late 1970s and early 1980s, the group acquired three companies. R.R. Industries, dealing in office equipment, was merged into Shirazi Trading Company despite running at a loss.[1]In 1979, the group acquired controlling shares of Muslim Insurance Company Ltd (MIC), later renamed Atlas Insurance Limited (AIL).[1]Despite AIL's initial financial instability and overstaffing issues, the group turned the company around, significantly increasing its equity and balance sheet.[1]The third acquisition was Allwin Engineering Industries Limited (renamed Atlas Engineering Limited) in 1981, a manufacturer of automotive components that faced tax and legal issues which the group resolved.[1]Both Allwin and MIC were subsequently listed on theKarachi Stock Exchange.[1]
By 1980, Atlas had expanded its operations with manufacturing companies, dealing in products ranging from construction equipment to solar-powered navigational systems.[1]During this period, the group also formed partnerships which included franchises of the MAN Group and General Electric (GE), along with associations with TATA and Indian Steel Mills.[1]
From 1981 to 2000, Atlas Group continued its expansion in the engineering and financial sectors by establishing four new companies:Honda Atlas Cars Pakistan Ltd(1992), Honda Atlas Power Products (1997), Atlas Lease Ltd (1989), and Atlas Investment Bank Ltd (1990).[1]
In 2006, the group ventured into commercial banking by merging existing entities Atlas Lease Ltd and Atlas Investment Bank Limited.[1]Atlas Investment Bank was a small investment bank affiliated with theBank of Tokyo,which specialized ininvestment bankingandportfolio management.[6]However, in March 2009, the group decided to exit this sector, selling the majority of the bank's shares toSummit Bank.[1]
In 2009, Atlas Power, a 215 MW plant, was established in collaboration with MAN of Germany and local banks, National Bank of Pakistan and Allied Bank of Pakistan.[1]
As of 2016, Atlas Powergen had joint venture agreements withSiemensof Germany andSEPCO3of China to set up power plants in Pakistan.[5][7]
Management
editThe management of Atlas Group is overseen by a Group Executive Committee, comprising four senior executives and three sponsors.[1]The group maintained a policy of hiring based on merit rather than personal connections, focusing on the individuals' value systems.[1]Employee development was a priority, with opportunities for further education and international training programs.[1]
Subsidiaries
edit- Atlas Honda[6]
- Honda Atlas[6]
- Atlas Battery[6]
- Atlas Engineering, founded as Allwin Engineering[6]
- Atlas Insurance, founded as Muslim Insurance in 1957[6]
- Atlas Asset Management
References
edit- ^abcdefghijklmnopqrstuvwxyzQureshi, Zafar I. (2 September 2014)."Growth at Atlas Group: Deliberate or an Emergent Strategy?".Asian Journal of Management Cases.11(2): 119–137.doi:10.1177/0972820114538341– via CrossRef.
- ^abCompany Overview of Atlas Group, BlommbergRetrieved 1 May 2019
- ^Honda Atlas Cars (Pakistan) Limited on Reuters business website (includes Company Stock quote and profile)Retrieved 2 May 2019
- ^"Death notice"(PDF).Atlas Honda.Retrieved13 September2023.
- ^ab"Atlas group to invest $220 million in RLNG plant".The Express Tribune.7 June 2016.Retrieved1 May2019.
- ^abcdefgCragg, Claudia (1996).The New Maharajahs: The Commercial Princes of India, Pakistan and Bangladesh.p. 77.ISBN9780712677615.
- ^Atlas Group invests $220mn in 220MW RLNG based power projectPakistan Today (newspaper), Published 7 June 2016, Retrieved 1 May 2019