Modern Group a fast-growing industrial conglomerate founded in Uganda in 2015 by Ashish Monpara, Rajan Patel, and Ishan Patel has partnered with Equity Banka amajor regional commercial bank to unlock long-term business growth.
Led by Chairman Ashish Monpara,the $700million industrial group operates multiple factories across various sectors, employing over 13,000 people and contributing significantly to local manufacturing and import substitution such as Tiles & Ceramics,Sugar & Agriculture,Power & Energy,Distillers & Beverages,Industrial Gas & Materials.
Modern Group Chief Executive Officer Jagdish Srivastava, said the bank’s local teams have played a key role in building confidence in the partnership.
“Partnering with a major bank like Equity provides the scale, stability and institutional support needed to unlock long-term business growth,” Srivastava said“
“Equity Bank’s team approaches business with a highly positive, solution-oriented mindset, and as our internal authorization processes are finalized, we look forward to deepening this partnership across multiple financing areas.”he stated.
For Equity, the relationship is a marquee win in a sector it has been courting aggressively.
“Modern Group represents a cornerstone relationship for our bank,” said Ronald Nakhasanga, Equity Bank’s regional manager for the Eastern Region.
He said the experience had demonstrated the value of having a banking partner that combines the resources of a major financial institution with an understanding of the challenges businesses face on the ground.
For Modern Group, which operates across several sectors and markets, timely financial support is particularly important as it seeks to expand its operations in Uganda and across East Africa.
“As a former international banker myself, I understand the distinct strategic advantages of working with one of the country’s leading financial institutions,” Srivastava said.
“Partnering with a major bank like Equity provides the scale, stability and institutional support needed to unlock long-term business growth.”
He added that Equity Bank’s approach to business had been positive and focused on finding solutions.
“Equity Bank’s team approaches business with a highly positive, solution-oriented mindset, and as our internal authorisation processes are finalised, we look forward to deepening this partnership across multiple financing areas,” he said.
Equity Bank also sees the relationship as an opportunity to support Modern Group beyond its current financing arrangements.
Ronald Nakhasanga, Equity Bank’s Regional Manager for the Eastern Region, described Modern Group as a key relationship for the bank, pointing to the company’s presence across sectors such as manufacturing, building materials and agro-processing.
“Modern Group represents a cornerstone relationship for our bank,” Nakhasanga said.
“Given their expansive footprint across diverse sectors, from manufacturing and building materials to agro-processing, the potential for shared growth is immense.”
He said the bank’s support would extend beyond traditional corporate banking, with the institution positioned to provide solutions across Modern Group’s wider business ecosystem.
“Our commitment goes beyond traditional corporate banking; we are strategically positioned to support their full ecosystem, driving value across their entire operational footprint,” he added.
Equity Bank partners with the manufacturing industry to drive regional industrialization, boost local value addition, and expand financial access under its Africa Recovery and Resilience Plan
These strategic alliances—such as collaborations with industrial parks and manufacturers like the Tian Tang Group, Modern Group, and the Uganda Manufacturers Association—aim to scale production and strengthen regional supply chains.
The partnership provides customized financial products, working capital, trade finance, and large-scale loans for purchasing machinery and expanding factory operations
It also transforms local raw agricultural and mineral resources into finished goods to reduce reliance on imports and boost regional trade
