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Chinese Investment In Cement Industry In Nepal
Chinese Investment In Cement Industry In Nepal
KTM Reporter
September 4, 2017
Kathmandu: Chief Executive Officer of Board Maha Prasad Adhikari and General Manager of Hongshi Shivam Cement Lai Weipeng signed off the agreement on setting up a cement factory with the capacity of producing 6,000 tons per day at the Nawalparasi district at the cost of NPR 36.75 billion in the presence of Nepal's Finance Minister Gyanendra Bahadur Karki and Ambassador of China to Nepal Yu Hong in Kathmandu yesterday, the news in the “artha-bazaar” section of “gorkhapatra” today stated. The raw material: limestone will be extracted at Jyamire of the Palpa district. The factory is expected to go on in operation in 2018.
Hong Kong Red Lion Cement No. 3 Ltd: a subsidiary of Hongshi Cement Group of China holds 70 percent of the investment whereas the Shivam Holdings Company in Nepal 30 percent.
Currently, more than a dozen cement factories including two state-owned are operating and producing cement meeting about 80 percent of the national consumption of cement. About 20 percent of the cement is imported from India to meet the national requirement. Once, this new cement production goes on production, import of cement will not required, according to the news.
