FDI for Upper Kali Gandaki hydro project approved

KATHMANDU:

The meeting of the Industrial Promotion Board led by Minister for Industry Mahesh Basnet, today, approved foreign direct investment (FDI) for Upper Kali Gandaki Hydel Project.

The 65-megawatt project located in Myagdi and Parbat districts of western Nepal which has already started the Environmental Impact Assessment has planned to finance 92 per cent of the project through FDI and remaining eight per cent through local investment following the approval of the board. Hong Kong-based Sinohydro Holding Ltd has partnered Trade Link Global in Nepal to develop the project.

Likewise, the meeting has also approved the proposal to raise capital submitted by Essel Clean Solu Hydropower Ltd. The 40-megawatt project has proposed to raise Rs 13 billion to expand its capacity.

Moreover, the meeting also approved the loan agreement amendment proposal submitted by Madi Power Ltd. It also gave a green signal to a proposal to raise capital and capacity of two breweries. Tanahun-based Avanish Distillery and Makwanpur-based United Breweries Nepal had submitted proposals to raise capital to expand capacity.

Source: THT