Wealth by itself is a curse.
Yusuf Saigol, The Friday Times 20.5.93.
The Saigols moderately describe themselves as " an erstwhile family of traders " but they are Pakistan's Tatas and Birlas and have remained Pakistan's wealthiest industrial clan for last five decades despite the fluctuations in their fortunes and a brief interlude (1972-77) during which they tried their luck in Saudi Arabia.
" The first LC for a textile mills at the State Bank in independent Pakistan was opened for Kohinoor Textile Mills" set up at an esteemed cost of Rs 8 million in 1948, Nasim Saigol said in an interview.
Amin Saigol, the founder of Saigol dynasty hailed from village Khotian, now Saigolabad in Jehlum and had migrated to Calcutta in 1890 where he started a shoe shop which led tho Bihar Rubber Works in 1938, later christened as Koh-i-Noor Rubber Works. It was one of the biggest rubber manufacturing concerns of pre-partitioned India.
Amin Saigol had four sons, of which three- Yusuf Saigol, Bashir Saigol and Sayed Saigol migrated to Pakistan in August 1947 but fourth Gul Saigol stayed back in India taking care of the leftover business until it was expropriated by Indian govt, as enemy property in the 1965 war.
The Saigols have grown with country, setting up factory after factory, industry after industry. Their biggest project was Kala Shah Kaku Chemical Complex near Lahore which comprised five units namely Kohinoor Rayan Ltd, United Chemicals, Insecticides (Pakistan) Ltd, Kohinoor Oil Mills Ltd and Kohinoor Engineering Ltd. Starting with a textile mills in 1947, in less than two decades, they had their fingers in almost every business in Pakistan ranging from chemicals, synthetic fibres, cooking oil, sugar, engineering, construction and banking.
The Saigols launched United Bank in 1959 and when nationalized in 1974 it had 668 domestic and 31 overseas branches. All the five units of Kala Shah Kaku Complex were nationalized in 1971 and according to Nasim Saigol, the family lost 70% of its assets in Bhutto's nationalization.
Only textile wing escaped nationalization but as Pakistan People's Party manifesto had envisaged the nationalization of big textile units also, no new investment was made in the textile industries during the six years of Bhutto rule.
Like many other Pakistani industrialists, the Saigols lived out the Bhutto era abroad, in Saudi Arabia where they launched Conforce Construction Company in collaboration with Germany's Veba Group who is said to have put up nearly 100 million dollars for trading in cement and other construction material in the Gulf countries. The management was entirely left with Saigols but the partnership quickly fell through and the Saigols were put through the legal grinder.
In 1976 Saigols decided to split, apparently as a part of the strategy to spread the eggs in many baskets. The assets that had escaped nationalization comprising of textile mills at Faisalabad, Rawalpindi and Quetta, sugar mills at Jauharabad, Conforce Limited and Saigol Brothers limited were divided among 15 male descendants of the founding fathers.
The Saigols are currently operating in three distinct groups headed by Nasim Saigol, Tariq Saeed Saigol and Rafiq Saigol.
Yusuf Saigol who founded Kohinoor Textile Mills and United Bank Ltd was the moving force behind the Saigol dynasty. Like John D Rockfeller who had six children , he had a big family, six sons and two daughters. Sons are Mohammad Rafiq, Mohammad Shafiq, Nasim, Javed, Azam and Aftab Saigol. One of the daughters Naz was married to Mian Mansha and the second to a cousin.
Bashir Saigol was assigned the managing directorship of Kohinoor Textile Mills, Rawalpindi and Conforce Limited. He is survived by son Iqbal Saigol, who heads his own small group. After the division of the family silver, KTM Rawalpindi came to the lot of Tariq Saeed Saigol who is now heading his own Kohinoor group.
Saigol group headed by Nasim Saigol is perhpas Pakistan's biggest group in engineering goods industry with projects on the anvil for a car assembly plant with Daewoo and motorcycle assembly plant with Qingqi group of China. It is also the biggest manufacturer of air conditioners, deep freezers and electric good supplied to WAPDA.
Nasim Saigol group
S.No Name Assets Turnover
1 Kohinoor Indurties 2,428 2,265
2 Azam Textile 407 462
3 Saritow Spinning 333 183
4 Pak Electron 1,589 1,309
5 PEL Appliances 349 360
6 Kohinoor Power 614 243
7 Kohinoor Energy - -
Total 5,720 4,822
Financial Assets
8 Union Bank 8,832
9 Union Leasing 172
Total 9,004
Farooq Saigol Group
S. No Name Assets Turnover
1 Mohib Textile 3,206 1,429
2 Kohinoor Sugar 811 308
3 Mohib Exports 714 651
4 Kohinoor Edible Oil 639 897
5 Security Safe Deposits - -
Manufacturing Assets 5,370 3,797
Tariq Saeed Saigol
S. No Name Assets Turnover
1 Kohinoor Textile 1,843 1,078
2 Kohinoor Gujar Khan 372 418
3 Samin Textile 587 728
4 Kohinoor Raiwind 653 578
5 Kohinoor Weaving Ltd - -
6 Kohinoor Genertech - -
Total Assets 3,455 2,802
Iqbal Saigol
S. No Name Assets Turnover
1 Kohinoor Looms 296 211
2 Saitex Spinning 157 183
3 Sally Textile 204 249
Total 657 643
Unlisted Companies
Nasim Saigol
Saigol Computers (Pvt) Ltd
Saritow Pakistan Ltd
Conforce International
Saigols (Pvt) Ltd
Saigol Textile Mills Ltd
Alpha Textile
Summit Textile Mills
Saigol Estate (Pvt) Ltd
Smartelle Fabrics
Packing Industries (Pvt) Ltd
PEL-DAEWOO Electronics Ltd
Kohinoor Motor Works
Kohinoor England
Farooq Saigol
Mohib Fabrics Industries Ltd
Regent Knitwear (Pvt) Ltd
Regent Spinning Mills (Pvt) Ltd
Regent Marketing International Ltd
Regent Dying and Finishing Mills (Pvt) Ltd
Kohinoor Trading Company
Mohib Weaving Mills (Pvt) Ltd
Kohinoor Technical and Management Services (Pvt) Ltd
Purjosh Kissan (Pvt) Ltd
Regent Power Generation (Pvt) Ltd
Workforce (Pvt) Ltd
Kohinoor Consultants (Pvt) Ltd
Conforce Overseas (Pvt) Ltd
Kohinoor Engineering (Pvt) Ltd
Regent Cotton Industries
Regent Fibres
Regent Gineries (Pvt) Ltd
Regent Printing (Pvt) Ltd
Lease Pak Ltd
Oilman Ltd
Regent Cement Ltd
Tariq Saeed Saigol
Armani Textil
Zimpez (Pvt) Ltd
Maple Leaf Electric Company
Yusuf Saigol, The Friday Times 20.5.93.
The Saigols moderately describe themselves as " an erstwhile family of traders " but they are Pakistan's Tatas and Birlas and have remained Pakistan's wealthiest industrial clan for last five decades despite the fluctuations in their fortunes and a brief interlude (1972-77) during which they tried their luck in Saudi Arabia.
" The first LC for a textile mills at the State Bank in independent Pakistan was opened for Kohinoor Textile Mills" set up at an esteemed cost of Rs 8 million in 1948, Nasim Saigol said in an interview.
 |
| Tariq Saigol |
Amin Saigol had four sons, of which three- Yusuf Saigol, Bashir Saigol and Sayed Saigol migrated to Pakistan in August 1947 but fourth Gul Saigol stayed back in India taking care of the leftover business until it was expropriated by Indian govt, as enemy property in the 1965 war.
The Saigols have grown with country, setting up factory after factory, industry after industry. Their biggest project was Kala Shah Kaku Chemical Complex near Lahore which comprised five units namely Kohinoor Rayan Ltd, United Chemicals, Insecticides (Pakistan) Ltd, Kohinoor Oil Mills Ltd and Kohinoor Engineering Ltd. Starting with a textile mills in 1947, in less than two decades, they had their fingers in almost every business in Pakistan ranging from chemicals, synthetic fibres, cooking oil, sugar, engineering, construction and banking.
The Saigols launched United Bank in 1959 and when nationalized in 1974 it had 668 domestic and 31 overseas branches. All the five units of Kala Shah Kaku Complex were nationalized in 1971 and according to Nasim Saigol, the family lost 70% of its assets in Bhutto's nationalization.
Only textile wing escaped nationalization but as Pakistan People's Party manifesto had envisaged the nationalization of big textile units also, no new investment was made in the textile industries during the six years of Bhutto rule.
Like many other Pakistani industrialists, the Saigols lived out the Bhutto era abroad, in Saudi Arabia where they launched Conforce Construction Company in collaboration with Germany's Veba Group who is said to have put up nearly 100 million dollars for trading in cement and other construction material in the Gulf countries. The management was entirely left with Saigols but the partnership quickly fell through and the Saigols were put through the legal grinder.
In 1976 Saigols decided to split, apparently as a part of the strategy to spread the eggs in many baskets. The assets that had escaped nationalization comprising of textile mills at Faisalabad, Rawalpindi and Quetta, sugar mills at Jauharabad, Conforce Limited and Saigol Brothers limited were divided among 15 male descendants of the founding fathers.
The Saigols are currently operating in three distinct groups headed by Nasim Saigol, Tariq Saeed Saigol and Rafiq Saigol.
Yusuf Saigol who founded Kohinoor Textile Mills and United Bank Ltd was the moving force behind the Saigol dynasty. Like John D Rockfeller who had six children , he had a big family, six sons and two daughters. Sons are Mohammad Rafiq, Mohammad Shafiq, Nasim, Javed, Azam and Aftab Saigol. One of the daughters Naz was married to Mian Mansha and the second to a cousin.
Bashir Saigol was assigned the managing directorship of Kohinoor Textile Mills, Rawalpindi and Conforce Limited. He is survived by son Iqbal Saigol, who heads his own small group. After the division of the family silver, KTM Rawalpindi came to the lot of Tariq Saeed Saigol who is now heading his own Kohinoor group.
Saigol group headed by Nasim Saigol is perhpas Pakistan's biggest group in engineering goods industry with projects on the anvil for a car assembly plant with Daewoo and motorcycle assembly plant with Qingqi group of China. It is also the biggest manufacturer of air conditioners, deep freezers and electric good supplied to WAPDA.
Nasim Saigol group
S.No Name Assets Turnover
1 Kohinoor Indurties 2,428 2,265
2 Azam Textile 407 462
3 Saritow Spinning 333 183
4 Pak Electron 1,589 1,309
5 PEL Appliances 349 360
6 Kohinoor Power 614 243
7 Kohinoor Energy - -
Total 5,720 4,822
Financial Assets
8 Union Bank 8,832
9 Union Leasing 172
Total 9,004
Farooq Saigol Group
S. No Name Assets Turnover
1 Mohib Textile 3,206 1,429
2 Kohinoor Sugar 811 308
3 Mohib Exports 714 651
4 Kohinoor Edible Oil 639 897
5 Security Safe Deposits - -
Manufacturing Assets 5,370 3,797
Tariq Saeed Saigol
S. No Name Assets Turnover
1 Kohinoor Textile 1,843 1,078
2 Kohinoor Gujar Khan 372 418
3 Samin Textile 587 728
4 Kohinoor Raiwind 653 578
5 Kohinoor Weaving Ltd - -
6 Kohinoor Genertech - -
Total Assets 3,455 2,802
Iqbal Saigol
S. No Name Assets Turnover
1 Kohinoor Looms 296 211
2 Saitex Spinning 157 183
3 Sally Textile 204 249
Total 657 643
Unlisted Companies
Nasim Saigol
Saigol Computers (Pvt) Ltd
Saritow Pakistan Ltd
Conforce International
Saigols (Pvt) Ltd
Saigol Textile Mills Ltd
Alpha Textile
Summit Textile Mills
Saigol Estate (Pvt) Ltd
Smartelle Fabrics
Packing Industries (Pvt) Ltd
PEL-DAEWOO Electronics Ltd
Kohinoor Motor Works
Kohinoor England
Farooq Saigol
Mohib Fabrics Industries Ltd
Regent Knitwear (Pvt) Ltd
Regent Spinning Mills (Pvt) Ltd
Regent Marketing International Ltd
Regent Dying and Finishing Mills (Pvt) Ltd
Kohinoor Trading Company
Mohib Weaving Mills (Pvt) Ltd
Kohinoor Technical and Management Services (Pvt) Ltd
Purjosh Kissan (Pvt) Ltd
Regent Power Generation (Pvt) Ltd
Workforce (Pvt) Ltd
Kohinoor Consultants (Pvt) Ltd
Conforce Overseas (Pvt) Ltd
Kohinoor Engineering (Pvt) Ltd
Regent Cotton Industries
Regent Fibres
Regent Gineries (Pvt) Ltd
Regent Printing (Pvt) Ltd
Lease Pak Ltd
Oilman Ltd
Regent Cement Ltd
Tariq Saeed Saigol
Armani Textil
Zimpez (Pvt) Ltd
Maple Leaf Electric Company
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