Friday, March 15, 2019

Korean company to set up assembly plant in Nepal

Investment Board of Nepal (IBN) today approved foreign investment of Rs 10.54 billion for a South Korean company Motrex Co Ltd.
The 35th meeting of the IBN chaired by Prime Minister KP Sharma Oli has approved the investment for the Vehicle Manufacturing and Assembly Plant proposed by Motrex Cp Ltd, according to a press note from the board.
The South Korean company is engaged mainly in the manufacturing and distribution of automotive parts. The company’s products include audio-visual navigation (AVN), audio video (AV), around view monitor, head up display and rear seat entertainment (RSE).
According to the board, the South Korean company is planning to assemble four-wheelers in Nepal.
Likewise, the meeting also decided to extend the term of the SJVN Arun-III Power Development Company Pvt Ltd – the developer of Arun-III hydropower – till July 30 for its financial closure.
According to the board, SJVN Arun-III Power Development Company Pvt Ltd (SAPDC) – a fully-owned subsidiary of the Indian government’s Satluj Jal Vidyut Nigam Limited (SJVNL) – will now have to complete financial closure for the 900-MW hydro-power project by June 30. Earlier in November 2017, the board had decided to extend the deadline by six months, to arrange funds. The project has recently received the transmission license. It has already taken forward its construction work which has helped the board to decide to extend the deadline for the financial closure of the Indian company.

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