The story
Dewan Group was founded in 1912 as Sh Dewan Muhammad Mushtaq by Dewan M. Mushtaq Farooque. Its early business was focused on trading secondhand garments, procured in Karachi and sold in Delhi.
Following the partition of India, the family relocated from Patiala, East Punjab to Karachi. In 1948, Dewan family founded Dewan Mushtaq Sons, operating from a small shop on North Napier Road. Over time, the family encountered several tragedies coinciding with their business milestones. 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.
After these events, leadership transitioned to Dewan Umar Farooque, the second eldest son, who expanded the business into importing second-hand clothes and tea. Under his leadership, the group became a major player in the Pakistan Secondhand Cloth Merchant Group and the Tea Traders Association of Pakistan.
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.
In 1990, Dewan Group and Mitsubishi Corporation entered into an agreement establishing Dewan Salman Fibre (DSF). Polyester fibre production began in 1992 and around this time, a 12.5% sales tax was introduced on PTA and MEG.
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%. Unit II commenced production in 1995. In 1996, Dewan Salman Fibres relinquished a previously held sales tax concession.
In 1998, Dewan Group founded Dewan Farooque Motors. By 2000, the first Kia Classic car was produced, and the group completed the acquisition of Dhan Fibre.
In 2003, Dewan Group established Dewan Farooque Textile Mills. 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.
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In 2006, an attempt to restructure Dewan Salman Fibres' debt did not succeed. By 2007, banks limited working capital availability, and Dewan Zia stepped down as chairman, succeeded by Dewan Yousuf. The group recorded its first net loss, primarily due to Dewan Salman Fibres' financial performance. In 2008, all entities within the group reported losses, leading to a default.
From Wikipedia’s article on Dewan Group, shared under CC BY-SA 4.0.3