Kathmandu, September 3
Nepal’s Investment Board is signing the first project investment agreement today to bring in Rs 36 billion investment from China.
The IPA is being signed with Hongshi Shivam Cements, a joint venture of Nepal’s Shivam Cements and China’s Hong Kong Red Lion.
Board’s spokesperson Uttam Bhakta Wagle says the Chinese company holds 70 per cent shares of the joint venture.
The company aims to produce 12,000 tonnes of cement every day from its factory in Beluwa, Benimanipur of Nawalparasi district.
It has been expected that the production will begin in 2019. Currently, infrastructures are being developed in the company site.
This is the biggest investment in Nepal’s cement industry ever.
