Good news
for the foreign investors as they do not need to wait for Industrial Promotion
Board's decision to import technology for hydropower projects as it has
delegated the right to Industry Department today.
"The
meeting of the Industrial Promotion Board today has delegated the right to the
Industry Department to make it easier for the investors," said industry
minister Shankar Prasad Koirala, who is the chair of Industrial Promotion
Board.
"Once
the projects get the permission from Industrial Promotion Board, the investors
will go to the department for the permission to import the technology needed
for the project," he said, adding that the investors do not need to wait
for the Industrial Promotion Board's decision. "It will encourage the
foreign investors to invest in hydropower."
Earlier the
department had the right to give permission to the projects of up to Rs 2
billion only.
Today's decision
will immediately benefit Tudi Power – apart other hydroprojects – that has been
promoted by foreign investor and permitted by the Industrial Promotion Board
(IPB) today.
Tudi Power
Company has been allowed to pursue foreign direct investments for its 48.5-MW
Upper Rahughat hydropower project. It has already attracted around $64.8
million in investments from China's Sichuan Gig Antai Energy Corporation, which
was able to acquire 40.8 million units – Rs 4.08 billion – of the company as a
result of the IPB's decision.
Tudi Power and Himalayan
Infrastructure Fund each hold 5.1 million units in the company that is developing
Upper Rahughat Hydropower Project.
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