Tose’e Melli Group Investment Company

What Tose’e Melli Group Investment Company does

Tose'e Melli Group Investment Company (TMGIC, TSE ticker: وبانک/Webank) is a publicly listed diversified investment holding company headquartered in Tehran, Iran, with more than three decades of operating history. It is majority-owned by Bank Melli Iran (BMI), Iran's largest state-owned commercial bank. TMGIC's business is to manage and allocate capital across ~30 listed subsidiaries and additional unlisted holdings operating in cement (CIDCO/Semnan Cement, top-10 Iranian producer with 1.1 million tons/year), food and hygiene (Behsaz Tamin/BIDC group covering Margarine Company with 70+ years of edible oils, Paksan with 63 years in detergents, Goltash, and Saina), agriculture (Pars Agro/Zopars producing corn seed 704 across large farmland), electrical equipment (Iran Transfo Group, founded 1966 under a Siemens Germany license, with 3,000+ MVA annual transformer capacity and first-ever domestic production of specialized transformer oil), construction (MIBIC), international trading (Tose'e Mellal International Trading with partners in France, Germany, China, Russia, and Turkey), and corn processing (Zarrin Zereh Shahroud, listed on Farabourse in 1405).

Revenue is generated through dividends, capital appreciation, and consolidated operating results from these subsidiaries, with FY1404 (ending March 2025) consolidated operating revenue of 478,372 billion Rials (+29% YoY) and net profit of 264,399 billion Rials (+33% YoY). Distribution to end customers is handled by subsidiaries through domestic retail networks for consumer goods, the Iran Commodity Exchange for cement, commodity markets and direct channels for agricultural products, and direct utility/government channels (Tavanir) for transformers, with select export flows into neighboring countries. TMGIC distributes value to its own shareholders via the Tehran Stock Exchange and CODAL disclosure system; the portfolio market value reached 78,564 billion Tomans by Khordad 1405 (June 2025). The group is currently executing a strategic pivot — appointing a new Head of Investment with a knowledge-based and emerging-technology mandate, launching a unifying Brand Book and 'Karnama' performance system, and rolling out smart-agriculture technology across 1,200 hectares — while maintaining its core industrial-holding identity.

Name

Tose’e Melli Group Investment Company

Legal name

Sherkat Sarmayeh Gozari-ye Groh-e Toseh-e Melli (Sahamie Aam)

Website

https://tmgic.ir

Company type

Public

Founded year

1991

Operating status

Operating

Headcount range

51–100 employees

Short description

Tose'e Melli Group Investment Company (Webank) is a publicly listed Iranian investment holding company majority-owned by Bank Melli Iran, managing ~30 subsidiaries across cement, food, hygiene, agriculture, electrical equipment, and construction. It serves Iranian consumers, industrial buyers, and government utilities through diversified industrial holdings.

Ownership category

akta.pro rank

Product category

Investment Holding Company

NAICS

Management of Companies and Enterprises (551), Fruit and Vegetable Preserving and Specialty Food Manufacturing (3114), Portfolio Management and Investment Advice (52394)

SIC

Food And Kindred Products (2000)

akta.pro primary industry

Management Buyout / Management Buy-In (MBO/MBI) (FSANABAL)

Keywords

• Investment holding company
• Diversified industrial conglomerate
• Food and hygiene manufacturing
• Cement and construction materials
• Electrical transformer manufacturing

Headquarters

HQ city

Tehran

HQ country

Iran

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Portfolio Management: As a publicly listed investment holding company (Webank, stock symbol وبانک) on the Tehran Stock Exchange, TMGIC generates revenue primarily through dividends, capital gains, and value appreciation from its diverse portfolio of subsidiary companies operating in food, hygiene, cement, agriculture, construction, and electrical equipment sectors. Consolidated revenue for FY1404 was 478,372 billion Rials, with consolidated net profit of 264,399 billion Rials (33% YoY growth). The company reported 30% YoY growth in operating profit and 47% growth in share of profits from associates.
2. Subsidiary Operations — Food & Agriculture: Subsidiary companies generate revenue from manufacturing and selling consumer products including edible oils, margarine, starch, glucose, corn products, and agricultural output. Tarom Zereh Shahroud reported revenue of 1,711 billion Tomans in FY1404. Pars Agro Inc. (Zopars) achieved 1,557 billion Tomans in operational revenue for H1 FY1405, a 154% increase vs. the prior year period.
3. Subsidiary Operations — Cement: Semnan Cement (SHSemal) operates cement production with 1.1 million tons annual capacity, ranking among the top 10 cement producers in Iran. Revenue for Q1 FY1405 reached 5,030 billion Rials with 39% YoY growth.
4. Subsidiary Operations — Detergents & Hygiene: Subsidiary companies including Paksan, Goltash, and Saina produce and sell detergents, hygiene, and cleaning products domestically. Paksan achieved 150% net profit growth in Q1 of current fiscal year. Goltash launched new export-oriented shampoo products under the Aromax brand.
5. Subsidiary Operations — Electrical Equipment: Iran Transfo Group manufactures distribution and power transformers, operating under former Siemens license with fully localized technology. Production capacity exceeds 3,000 MVA per year. The company is expanding into export markets for neighboring countries and achieved domestication of specialized transformer oil, saving ~15 million euros annually in foreign exchange.
6. Subsidiary Operations — Trading: Tose'e Mellal International Trading Company imports and exports a wide range of products including agricultural inputs, seeds, food products, industrial equipment, steel products, polymers, and minerals from countries including France, Germany, China, Russia, and Turkey.

Go-to-market motion1 record

Distribution channels8 records

Marketing channels7 records

Core offering

Tose'e Melli Group Investment Company (TMGIC) is a public investment holding company that acquires, manages, and divests equity in a diversified portfolio of industrial subsidiaries across Iran. Through its subsidiaries, the group operates in cement production, transformer manufacturing, food processing (edible oils, corn processing, animal feed), hygiene and detergent manufacturing, agriculture, construction, and international trading, while centralizing capital allocation, strategic oversight, and corporate governance across the portfolio.

Product overview

Tose'e Melli Group Investment Company (گروه توسعه ملی), also known as Vebank, is a major Iranian investment holding company with over three decades of experience. The company manages a diversified portfolio of subsidiaries across multiple sectors including: (1) Investment Management (TMICO), (2) Cement Industry (CIDCO), (3) Food & Hygiene Products (BIDC - producing Margarine, Paksan, Goltash, Sainaco brands), (4) Agriculture & Livestock (Parsagroinc/Zepars), (5) Construction (MIBIC), (6) Electrical Equipment (Iran Transfo - transformers), and (7) Corn Processing (Zarrin Zore Shahroud). The group operates with a registered capital of 50,250 billion Rials and its shares trade on the Tehran Stock Exchange under the symbol 'VEBANK'. The company also offers internal digital platforms including a shareholder portal and Mellitech system for subsidiary management.

Differentiator

Problem solved

Functional benefit

Products and services

• Iran Transfo (Power and Distribution Transformers)
• Zarrin Zereh Shahroud (Corn Wet Milling)
• Semnan Cement / CIDCO (Cement Production)
• Margarine (Edible Oils and Food Products)
• Paksan (Detergents and Cleaning Products)
• Goltash (Personal Care and Hygiene Products)
• Saina (Sainaco) (Health Products)
• Pars Agro (Agriculture and Animal Feed)
• Tose'e Mellal International Trading (Global Trading)

Quantifiable outcome

• 33% YoY growth in consolidated net profit to 264,399 billion Rials in FY1404
• +7 more outcomes

Named customers5 records

Segments7 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered major and minor.

• Tavanir (شرکت توانیر)majorStrategic or Co-development PartnerTavanir (Iran Power Generation, Transmission & Distribution Company) is the national electricity utility and a key customer and partner for Iran Transfo Group. Tavanir's Deputy for Transmission and Foreign Trade visited Iran Transfo to strengthen cooperation for electricity grid development and export of power equipment to neighboring countries. Iran Transfo supplies transformers to over 19 provinces under this partnership.
• Iran Polymer and Petrochemical Research Institute (پژوهشگاه پلیمر و پتروشیمی ایران)majorStrategic or Co-development PartnerPaksan signed a research cooperation agreement with the Iran Polymer and Petrochemical Research Institute to develop advanced technologies in the detergent industry, including encapsulation technology for fragrance release in powder detergents.
• Behpakhsh (بهپخش)majorChannel Partner/ Reseller/ DistributorPaksan acquired 17% stake in Behpakhsh, one of Iran's largest distribution companies, to strengthen its product distribution network and ensure rapid access to markets across the country.
• TAT — Agricultural Research, Education and Extension Organization (سازمان تحقیقات، آموزش و ترویج کشاورزی)majorStrategic or Co-development PartnerPars Agro Inc. (Zopars) signed a cooperation agreement with TAT to implement smart agriculture across 1,200 hectares of company farmland, aiming to modernize from traditional to advanced farming methods with online monitoring and precision agriculture.
• Global Trading Partners (France, Germany, China, Russia, Turkey)minorChannel Partner/ Reseller/ DistributorTose'e Mellal International Trading Company maintains trading relationships with suppliers and buyers in France, Germany, China, Russia, and Turkey for import/export of agricultural inputs, seeds, food products, industrial equipment, steel, polymers, and minerals.
• IMS/EFQM Excellence Model ConsultantsminorImplementation/ SI/ Consulting PartnerSaina Health Industries engaged specialized consulting teams to guide the implementation of integrated management systems (ISO 9001, ISO 14001, ISO 45001) and the EFQM Organizational Excellence Model at its Abhar manufacturing site.

Scale indicators17 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Tata Group: Tata is India's flagship diversified industrial conglomerate spanning steel, cement (Tata Steel/Tata Cement), motors, IT services, and consumer goods under a parent holding structure. It is broadly comparable to TMGIC's multi-sector industrial holding model and stewardship approach to long-tenured operating brands, though it operates at substantially larger scale and with global footprint.
• Samsung C&T Corporation: Samsung C&T is the listed construction and trading arm of the Samsung chaebol, providing a comparable diversified holding structure with industrial subsidiaries, capital-markets presence, and a parent-company-driven investment mandate. Useful as a reference case for a diversified industrial holding with mixed listed/unlisted operating businesses.

Direct peers

• Ghadir Investment Company: Ghadir is one of Iran's largest state-affiliated investment holding companies, listed on the Tehran Stock Exchange, with a diversified industrial portfolio across petrochemicals, mining, construction, and financial services. It is the closest domestic structural peer to TMGIC given shared parent-bank affiliations and similar multi-sector holding strategies.
• Bank Saderat Iran Investment Company (Satram): Satram is an investment holding arm of Bank Saderat with diversified listed and unlisted stakes spanning banking, real estate, and industrial sectors, listed on the Tehran Stock Exchange. The ownership structure (state-bank affiliate holding listed equities) directly mirrors TMGIC's Bank Melli Iran setup.
• Bank Mellat Investment Company (Vatomat): Bank Mellat's investment vehicle is referenced inside TMGIC's own portfolio (Vatosm holding is mentioned in the data). State-bank-affiliated, TSE-listed, and similar diversified mandate make it a tight domestic comparable.
• Bank Tejarat Investment Company (Vatejarat): Vatejarat is the listed investment arm of Bank Tejarat on the Tehran Stock Exchange, holding diversified subsidiaries across industries. Comparable to TMGIC in mandate, regulation by the Securities and Exchange Organization, and reliance on a state-owned bank parent.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeaparat.com/tmgictv
• Instagraminstagram.com/tmgicco?igshid=bHA2NTcwMGcxY3pv
• LinkedInlinkedin.com/company/tmgico

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tose’e Melli Group Investment Company