A debt of 30,000 taka launched one of South Asia’s most significant infrastructure empires. Muhammed Aziz Khan borrowed that sum from his father in 1973, though few could have predicted the teenager would eventually control Bangladesh’s electricity generation, handle 30% of the country’s export cargo, and emerge as a billionaire with influence spanning three decades.
“Bangladesh was newly born and there were no entrepreneurs,” Khan recalled years later. “So I found a niche… There was no importers and exporters, which I started with trading.”
Chemical trading in Chawk Bazar and Urdu Road provided Khan’s entry point into commerce. His partnership began with a friend whose family tragedy had created an unexpected business opportunity. Relationships with established figures like Anwar Hossain of Anwar Group and Din Mohammad of Phoenix Group gave the young trader credibility within Dhaka’s merchant community.
Two decades of import-export operations taught Khan to recognize larger patterns. Port congestion strangled trade flows. Electricity reached only one-fifth of the population. Industrial capacity remained severely constrained by inadequate infrastructure.
Infrastructure Pivot
Rather than expanding his profitable trading business, Khan made a counterintuitive decision in 1995. He would build the infrastructure that Bangladesh lacked, starting with the country’s first private sector Inland Container Depot. Port-related facilities and edible oil storage terminals followed, marking Summit Group’s transition from commercial trading to physical infrastructure development.
Khan’s timing proved prescient. Bangladesh’s economic growth was accelerating, but bottlenecks at Chittagong Port created massive delays for importers and exporters. His container depot provided an alternative that reduced congestion while generating substantial revenues from storage and handling fees.
Support from established business figures like Din Mohammad and Anwar Hossain provided credibility for Khan’s infrastructure ventures. These relationships helped Summit secure the permits and partnerships necessary for large-scale construction projects that required government approval and substantial upfront capital.
Summit’s early infrastructure projects generated the cash flow and expertise that would fund Khan’s next gamble: electricity generation. Few observers anticipated that a port and storage company would become Bangladesh’s dominant power producer within two decades.
The Power Generation Breakthrough
Khan’s entry into electricity generation marked Summit Group’s most significant transformation. In 1997-1998, the company launched Bangladesh’s first Independent Power Plant – the 110 MW Khulna Power Company Limited. This pioneering project established crucial partnerships that would define Summit’s approach for decades.
The International Finance Corporation provided initial project financing, beginning a relationship that would prove transformative. Khan also forged a technology partnership with Finland’s Wärtsilä, securing access to advanced power generation equipment. “We look forward to using advanced technology for the first time in Bangladesh to generate affordable and reliable electricity,” Khan stated during the project announcement.
From this single power plant, Summit Group embarked on rapid expansion throughout the 2000s and 2010s. The company grew to operate 14 power plants with more than 2,000 MW capacity, establishing itself as Bangladesh’s largest independent power producer, controlling 17% of private sector capacity.
Khan’s strategy emphasized technological advancement and international partnerships. Each new facility incorporated state-of-the-art equipment, ensuring Summit remained at the forefront of power generation efficiency. The company’s telecommunications division simultaneously deployed over 57,000 kilometers of fiber optic network, creating Bangladesh’s most extensive digital infrastructure.
Summit’s diversification into liquefied natural gas infrastructure culminated with Bangladesh’s second Floating Storage and Regasification Unit, providing 500 million cubic feet per day capacity. This expansion demonstrated Khan’s vision of creating an integrated energy ecosystem rather than simply generating electricity.
Singapore Restructuring
Khan’s 2016 corporate restructuring demonstrated financial sophistication that few family-owned conglomerates possess. Summit Power International‘s establishment wasn’t about prestige—it was about accessing capital markets that Bangladesh couldn’t provide.
“What Bangladesh has is a lot of opportunities and a lot of growth. But what it lacks is governance and what it lacks is a mature financial market, both of which are very much necessary to do long-term infrastructure projects,” explained Ayesha Khan, managing director and CEO of Summit Power International.
Numbers revealed the genius. Wu Yan Bin, Summit’s chief financial officer, spelled out the economics: “If the cost of debt is 14%, the weighted average cost of capital (WACC) could increase to as high as 18–19%, as the cost of equity is also likely to rise due to the increased financial risk to equity holders as a result of higher interest burden on the project. Cost of equity may need to be around the mid-twenties for it to be attractive to any investor. If your equity IRR is in the mid-twenties, it’s simple economics, your tariff needs to be high.”
Singapore’s AAA credit rating enabled Summit to borrow US dollars at rates Bangladesh domestic banks couldn’t match. Lower financing costs translated directly into cheaper electricity for Bangladesh consumers—a competitive advantage that attracted major international partners.
Japan’s JERA invested $330 million for a 22% stake. General Electric took equity positions while supplying advanced HA-class turbine technology. International Finance Corporation’s initial $175.5 million investment had unlocked billions in additional capital.
Beyond Business: Regional Influence
Summit Group now employs over 6,000 people while controlling critical infrastructure across Bangladesh’s economy. Port operations handle 30% of national export cargo. The telecommunications network connects all major population centers. Power plants supply electricity that reaches virtually every household—a transformation from the 20% coverage Khan encountered in 1995.
Financial success has enabled broader ambitions. Khan has committed $3 billion toward renewable energy projects spanning India, Nepal, and Bhutan. “Summit strives to make our portfolio 40% from clean energy sources by 2040. This is because it is in line with Bangladesh’s goal which was announced in COP 26,” noted Wu Yan Bin.
Recent developments suggest Khan’s influence extends beyond commerce. His published analyses on South Asian trade policy and regional security appear in major publications, positioning him as a thought leader on cross-border economic integration. These writings indicate Summit Group’s next chapter may involve diplomatic influence alongside infrastructure development.
Forbes now lists Khan as a billionaire, validating a transformation that began with borrowed capital from a teenager’s father. His journey from Chawk Bazar chemical trader to regional energy powerhouse illustrates how entrepreneurial vision, executed through calculated risks and international partnerships, can reshape entire economies.
Khan’s success demonstrates that emerging market entrepreneurs need not accept limitations imposed by domestic capital markets or technological constraints. Creative corporate structuring and global partnerships can provide access to resources that enable ambitious infrastructure projects previously considered impossible for family-owned businesses.