IBN approves Chinese cement plant proposal
Published: December 22, 2015 7:51 am On: Business the Himalayan
Kathmandu, December 21
A board meeting of the Investment Board Nepal (IBN) has approved proposal of Huaxin Narayani Investment (Shanghai) Co Ltd to invest $140 million (approximately Rs 14 billion) to build a cement plant here.The decision was taken by a meeting headed by Prime Minister KP Oli. The meeting held yesterday has also agreed to forward the proposal on generation of 300 megawatts of energy through wind power to the Cabinet.
The proposal was tabled by The Gurkha’s UK Ltd. The company plans to generate up to 3,000 MW of energy through wind power in the next three years, says a statement issued by the IBN. The meeting also decided to form a high-level committee to conduct a study on electricity demand in the coming days. The committee would be headed by Yubaraj Khatiwada, vice chairman of the National Planning Commission. The board meeting also directed the IBN Office to provide technical consultancy service to Budhigandaki Hydroelectric Project Development Committee. A latest feasibility study has said the project can generate 1,200 MW of electricity.
During the meeting, PM Oli also directed the IBN Office and other concerned ministries to expedite the process of finding out alternative energy sources to end load-shedding within a year.