Govt allows foreign investment worth Rs 1.07 billion

KATHMANDU, Jan 20 :

Industrial Promotion Board on Monday allowed Grande International Hospital to bring foreign investment worth Rs 1.07 billion.

The 213th meeting of the board, led by Industry Minister Mahesh Basnet, took the decision to this effect.

The decision means a company promoted by former president of Non-Resident Nepali Association Upendra Mahato and BR Shetty, the founder and chief executive of NMC Healthcare based in Abu Dhabi, can now acquire 53 percent shares in the hospital. "It took them about eight months to get the permission," Dr Chakra Pandey, a board member of the hospital, said. The hospital´s paid-up capital is Rs 2 billion. With this, the number of shareholders of the hospital has reached 121, said Dr Pandey.

Source: Republica