Muktishree to invest Rs 23.50 billion in telecom, hydro, hotel, cement

Muktishree Group of Industries has today claimed to invest Rs 23.50 billion in five more industries in next three years.

"By 2016, the Group will invest Rs 23.50 billion more in four new industries," said the chairman of the company Ajeya Raj Sumargi, here today.

"From the internal resources and bringing in foreign investors, the Group will invest in telecom, hydropower, hotel, cement and superstores," he said, adding that the company is bringing Rs 18 billion foreign investment in the country.

Muktishree Pvt Ltd is planning to invest Rs 6 billion more in its telecom company, Satellite Telecom and expand its services across the country, Sumargi, who is claimed to be near to UCPN-Maoist, added. "The Group has an investment of Rs 7 billion in the telecom service provider that is planning to expand across the country by February 2014."

The Group is also planning to bring in Jodhar Investment and Airbell as partners. Jodhar Investment is investing 75 per cent of the total Rs 7 billion.

Muktishree Pvt Ltd is also planning to construct a 20-room five-star hotel in Kathmandu – in partnership with an European international chain – by 2016 in Rs 5 billion apart from 35-mega watt (MW) Ankhu Khola Hydropower that has been thought to be completed by next four years with Rs 5.50 billion, informed one of the board member of the Mukti Shree.

Likewise, the Mukti Shree Cement is going to start a 1,200 metric tonne daily capacity cement factory in Surkhet.

The Group is also preparing to start Infra Superstore with an investment of Rs 3 billion. The first Infra Superstores will be in Min Bhawan, second in Narayangarh of Chitwan and third in Hetauda of Makawanpur district, where Sumargi hails from.

These projects will create 15,000 employments, said the company that has claimed to have been operating Hetauda Lime Industry and Muktishree Energy, Everest Mineral Product, Himalayas Spring Water, Durga Cold Storage, Eco Planel industries, Hetauda Education Foundation, National College of Higher Education and many more.