Chaudhary to invest $75m in S Lanka cement plant

KATHMANDU, May 21:

Nepal´s first Forbes billionaire Binod Chaudhary, chairman of Chaudhary Group, is planning to set up cement plant in Jaffna, eastern Sri Lanka.

Quoting a statement issued by Chaudhary´s office, Daily Mirror, a Sri Lanka-based English language newspaper, said in its online edition that Chaudhary submitted a proposal to the Sri Lankan government to set up a state-of-the-art cement plant in Jaffna Peninsula at a cost of US$75 million.

The Daily Mirror also said Chaudhary´s investment, in projects underway and proposed, in Sri Lanka is estimated to have reached around $200 million.

Chaudhary may have chosen Jaffna Peninsula to build a cement factory keeping in view the reconstruction and rehabilitation works going on in the region following resolution of decade-long separatist conflict spearheaded by the Liberation Tigers of Tamil Elam (LTTE).

“Even before Forbes placed Binod Chaudhary in its 2013 Annual Global Rich List, his love affair with Sri Lanka had begun with a foray into Colombo in the year 2000, when he acquired a substantial stake in the Taj Lanka Hotels, Sri Lanka,” the Daily Mirror said.

Chaudhary´s company Cinnovation also entered into a joint venture with the Jetwing Group in the country where two of its signature properties, Jetwing Vil Uyana and Jetwing Sea have benefited with substantial investments.

Chaudhary Group has also invested in a cement factory at Dambak Deurali in the Nepali district of Palpa. The factory can produce over 1,100 tons of cement per day.

The leading Nepali business house has already invested in reputed international hotel chains including those promoted by Taj Group.

Chaudhary Group, manufacturer of popular instant noodle brand Wai Wai, also has investments in banking, education and health sectors, among others.

Source: Republica