Binod Chaudhary remains in Forbes' billionaire list

KATHMANDU, Feb 12: Industrialist Binod Chaudhary has made it into the Forbes´ billionaire list for second consecutive year and thrice till date.

Chaudhary is the president of Chaudhary Group (CG) -- a leading business conglomerate of Nepal.

The New-York based magazine has placed Chaudhary at 1,306th position. According to Forbes, Chaudhary posseses property worth $1.3 billion which is equivalent to Rs 130 billion. Last year, Chaudhary was in 1,342nd position with Rs 110 billion worth of property.

“After debuting on the Forbes billionaire ranks last year, Chaudhary who built most of his fortune overseas remains Nepal´s only billionaire. His conglomerate, the Cinnovation/CG Group´s assets include a controlling stake in Nepal´s Nabil Bank, foods business best known for instant noodle brand Wai Wai and a string of hotels in Asia,” states Forbes.

According to the magazine, Chaudhary is building hotels in Uganda, Rwanda and Burundi in a joint venture with Uganda´s Mukwano Group. The magazine also states that CG diversified into telecom last year when it bought out ST Telecom -- a rural telecom operator.

"Chaudhary, who never went to college, joined the family´s textile trading business four decades ago and went on to expand his inheritance overseas. His three sons work with him -- the eldest Nirvaan Chaudhary oversees interests in Nepal while Rahul Chaudhary and Varun Chaudhary are stationed abroad,” the magazine states.

Bill Gates tops the Forbes´ billionaire list this year with $78.7 worth property.

Source: Republica