Saturday, August 31, 2013

Nigerian company with a proposal of $800m cement factory might be the first to get Investment Board’s approval

A Nigerian Dangote Group’s cement factory might become the first project to get approval from Investment Board of Nepal since its establishment some two-and-a-half years ago.
The Board is going through the investment proposal of Dangote Group, said the Board chief executive Radhesh Pant.
The Nigerian business conglomerates had approached the Board with an investment proposal of $800 million cement factory some eight months ago, he said, adding that the Board has completed preliminary study of the proposal. “Most probably, the Board will soon give a green signal to the group to start its cement project.”
The Board meeting on February 13 had accepted the company’s foreign direct investment (FDI) proposal.
The Board had also formed a committee led by Pant, including director general of the Department of Industry Dhurba Lal Rajbansi and director general of the Department of Mines and Geology Sarabjeet Prasad Mahato.
The committee submitted its report a month ago and the next Board meeting will give final approval.
Likewise, the chairman of the Investment Board and chairman of Interim Election Council Khil Raj Regmi has also approved the proposal a week ago.
The foreign investor is also in its process to get a licence for limestone – a key raw material for cement – mine. The group is planning to set up cement factory in Surkhet in western Nepal.
Headquartered in Lagos of Nigeria, the group’s Dangote Cement is the largest cement producer in Africa and Dangote Cement operates in 14 African country.
With a net worth of $12 billion, Dangote Group president and chief executive Aliko Dangote is the richest person in Nigeria and 76th richest person in the Forbes magazine’s billionaire list.

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