Nabil Bank to acquire Nepal Bangladesh Bank

 Nabil Bank has signed an agreement today to acquire Nepal Bangladesh Bank (NB Bank).

The merger committee’s coordinator from Nabil Bank Udaya Krishna Upadhyay and the coordinator from NB Bank Indra Bahadur Thapa signed the preliminary memorandum of understanding (MoU) for acquisition in a share swap ratio of 100:43.

After the acquisition, NB Bank’s business transactions will be in the name of Nabil Bank, but the chief executive officer and chair of the merged entity's board has not been decided yet.

According to a press note issued by the Nabil Bank, the merged entity will have a core capital of Rs 43 billion, paid-up capital of Rs 22.5 billion, loans of Rs 300 billion, deposits of Rs 314 billion with 235 branches and over 1.6 million customers.

The agreement came a day after the Kathmandu District Court issued a stay order barring NB Bank from selling the promoter shares of its foreign partner IFIC Bank Ltd Bangladesh to Chaudhary Group of Nepal. A single bench of Justice Ram Chandra Poudel of the Kathmandu District Court had issued the order against the NB Bank’s plan to sell the share to Nabil Bank, whose majority shares are owned by Chaudhary Group (CG).

Earlier, the Chairman of Sunrise Bank Motilal Dugad had filed a writ at the Kathmandu District Court, and also Patan High Court, stating that the IFIC Bank had breached the agreement made with him promising to sell the promoter shares.

Last July, NB Bank announced an exit of IFIC Bank that owned 40.09 per cent shares of the bank. Binod Chaudhary led Chaudhary Group then made its way to purchase 36,827,426 unit shares of the foreign partner of the NBB. But the Dugad claimed that he has already strike the deal.

WEF selects Nirvana Chaudhary as a YGL 2021

 Chaudhary Group’s managing director Nirvana Chaudhary has been selected as a Young Global Leader (YGL) 2021 by World Economic Forum. The forum brings together, dynamic, diverse, and ‘new-age’ leaders, who have made an impact in the world through their contributions.

Since its inception in 2004, founder and executive chair of the World Economic Forum (WEF) by Klaus Schwab, this platform strives to be a way of help to the world to meet increasingly complex and interrelated challenges, according to a press note issued by the WEF that has become a global phenomenon celebrating leadership.

With 1,400 members and alumni representing over 120 nationalities, YGLs head governments and Fortune 500 companies, are recipients of Nobel Prizes and Academy Awards and serve as UN Goodwill Ambassadors, the press note reads, adding that this year over 10,000 candidates were publicly nominated. "To create a truly representative body, candidates were evaluated by a selection committee, which selected 112 new members from 56 countries."

“I am ecstatic to be chosen as a part of such an esteemed panel with equally remarkable personalities for this class of 2021," managing director of Chaudhary Group Nirvana Chaudhary commented shedding light on the moment. "The YGL platform has always inspired me with its unequivocally remarkable initiatives that have contributed immensely to reshaping the global entrepreneurial ecosystem," he said, adding that being an international platform, it has played a pivotal role in forging a community of responsible leaders to build bridges across sectors, regions, and identities, in making valuable contributions to our world. "I eagerly look forward to joining the class with such bright minds, hustling towards building a better future for the generations to come."

YGL as a foundation invests in enriching leaders’ insight and capacity to realise sustainable economies and societies. It shares their stories to illuminate what leadership could and should look like across the world. In turn, with enhanced knowledge, tools, and purpose, YGLs assume more high-impact leadership positions and have a more pronounced effect on the world. Drawing from trust-based relationships and peer inspiration, they develop ambitious, collaborative projects to tackle the global challenges that others shy away from. Together, they accomplish more than they might otherwise.

Based in Kathmandu, Chaudhary Group has over 100 companies under its umbrella and an investment outlay of over $1.6 billion. Being the first Nepali organisation to have a distribution network spanning the subcontinent, it has made a substantial presence in South Asia's fiercely competitive food and beverages market. Its Food and Beverages products have been a common household name in Nepal for decades. With ISO 9002 Its, providing the lead, its F&B products have crossed the borders to become a favourite in South Asian cities.

Founded by Dr Binod Kumar Chaudhary, Chaudhary Group's progress over the last sixty-seven years has been a trial-blazer on the Nepali horizon. Apart from also being a responsible socially responsible corporate house, Chaudhary Group forms an intrinsic part of every realm of life from biotech, cement, education, electronics and white goods, energy and infrastructure, financial services, FMCG, hotels and resorts, realty to retail. Since its inception, Chaudhary Group -- the only billion-dollar conglomerate listed in Forbes since 2013 -- has contributed to the upliftment of the nation's economy, equalizing the infrastructure and entrepreneurial capability of Nepal with other developing nations. As Nepal's investment potential progressively draws the attention of leading multinationals, Chaudhary Group continues to lead, harnessing global partnerships in core sectors and offering cost-effective procurement affiliation to corporate worldwide. The company offers its products and services through dealers, distributors, retailers, and suppliers.

Nirvana Chaudhary is the eldest scion of the founding Chaudhary family and is also the managing director of Chaudhary Group with special emphasis on group verticals such as telecommunication, FMCG, banking, amongst others.

Rahul Chaudhary in Hotelier Power List for the third time

 Managing Director and chief executive officer of CG Hospitality Holdings Rahul Chaudhary has been included in Hotelier India’s Power List 2020, for the third consecutive year.

India's prestigious Hotelier magazine has listed Rahul as one of the 25 most powerful hoteliers, and Rahul had been featured on the magazine’s Powerful Hotelier list in 2018 and 2019. Rahul leads the Hospitality business of Chaudhary Group (CG) and is the youngest member on the list that includes world famous hotel brands like Oberoi Hotels, Hyatt, Hilton, IHG, Marriott, Leela, Accor, Radisson, and Taj Hotels.

‘Hotelier’ recently revealed the list of 25 most successful entrepreneurs in the hospitality sector for the year 2020. The list includes successful entrepreneurs operating and leading hotels and resorts across India.

Rahul is serving as managing director and CEO of CG Hospitality and CG Corp Global from New Delhi, India. According to CG Hospitality Holdings, it has expanded its services to dozens of countries, besides India. “CG has partnerships and investments in established and famous chain hotels like Taj, Fern and Zinc Hotels,” a press note from the CG Hospitality Holdings reads, adding that under the holdings there are 80 hotels and resorts in India alone. “Despite majority of hotels closed during Covid-19 pandemic, CG has been conducting workshops and virtual trainings for its employees to help protect themselves and their families.

Rahul claims that he has successfully made his hotels and resorts safer and more reliable during this ongoing public health crisis. He also believes that challenges provide opportunity and learning. “Covid-19 has offered a chance to re-evaluate the tourism sector,” he said, adding that it has inspired us to rethink the existing business structures. “The pandemic has taught the world to move this sector forward in a sustainable way.”

"CG Hospitality boasts of 135 hotels and resorts in 94 destinations in 12 countries with more than 8,000 rooms,” he added. “Adapting to the current situation, we are now focused on reducing fixed costs and providing delivery service for food and beverages from our hotels in urban areas.”

Our resorts are now offering Covid-19 testing, Rahul said, adding that they are driven by the core mantras – Quality, Safety and Reliability. “Based on this, CG Hospitality has formulated an action plan for the next three years – to hold out, recover and then fly high.”

He remarked that in the current situation the focus will be on providing relaxation, leisure activities and interesting travels to guests.

CG Hospitality Holdings, which operates Vivanta, Summit, Fern and world-class resort like MeghauliSerai in Nepal, plans on setting up hotels in Pokhara and Lumbini, adding more keys in Kathmandu and expanding Hotel Summit in Lalitpur, the company said in the press note.

Chaudhary Group had formally entered the hospitality sector two decades ago, after partnering with Tata Group, IHCL in Colombo (Sri Lanka) and Maldives.

Meghauli Serai bags Travelers’ Choice 2020 award

 Tripadvisor has awarded Meghauli Serai with the award Travelers’ Choice 2020 prize.

Tripadvisor – the world’s largest travel platform – recently announced the winners of its 18th annual Travelers’ Choice Awards. The coveted award celebrate destinations, restaurants, attractions and more across the globe – with each award given for terms of service, quality and customer satisfaction. The top list for the Travelers’ Choice 2020 pushes the boundaries of today’s ever critical consumer-reviewed standards. Continue to redefine the definition of luxury experience.

Meghauli Serai has been honoured with the award Travelers’ Choice 2020 accolade garnering recognition to be amongst the Top 10 per cent of Hotels and Resorts Worldwide for Excellence. A note of gratitude from Chief Operation Officer (COO) of of Lifestyle Collective reads that they are honoured and humbled to receive the recognition and would like to thank our guests for continuing to make each season the best one yet and sharing their experience digitally. “And as we are entering the new era of travel, what they can expect is our dedication for excellence and our mission to elevate experiences,” he added.

Meghauli Serai’s Safe Sanctuary features adherence to the latest information, protocols from the world’s leading health experts and government authorities – including the World Health Organisation  (WHO) and Centers for Disease Control – maximising effectiveness of response, the travel magazine reads, adding that Meghauli Serai have taken precautionary measures to ensure guests and employees well-being with stringent practices around food handling, sanitisation, disinfection, and cleaning. “Extra sanitisation extends from all guest areas to supply chain deliveries, culinary preparation areas, and housekeeping procedures.”

Guest wellbeing throughout their stay is also being enhanced by limited contact, social distancing and private experiences – from airport transfers, check-in procedures, wellness and fitness pavilion, safari activities and personalised dining to nutritional farm to table cuisines prepared by seasoned Chefs, it reads.

“From its 12 well-appointed rooms that offer elevated views over the jungle-scape to the 16 independent villas each with their own private plunge pools and the plush Rapti Mahal presidential suite, the lodge takes local traditions to a luxurious setting,” according to the award winning resort. “Meghauli Serai has incorporated local hues into its design and operations for truly sustainable touches,” it reads, adding that from its Newari and Tharu-inspired front doors and the use of natural earthy tones that reflect the landscape, to the locally-sourced ingredients that foreground Tharu tastes in inventive cuisine, the lodge offers a relaxing setting for discovery.

Nepal Ice Crity Awards concludes

The 11th Nepal Ice Crity Awards –organised by the Advertising Association of Nepal (AAN) in association with Nepal Telecom – concluded here today.
Inaugurating the event, minister for Information and Communications Gokul Prasad Baskota, said that the government is committed to implementing the clean feed policy in the country. “The government is preparing a bill and framework by cooperating with the concerned stakeholders,” he said, adding that the implementation of the clean feed will benefit the Nepali advertising industry.
The event also witnessed the distribution of awards under 31 different categories, according to a press note issued by the Advertising Association of Nepal (AAN). “Among the 61 nominee agencies, some 23 agencies received the Crity awards under different titles,” it reads, adding that Avani Advertising received six awards, Business Advantage received six awards and Prisma Marketing four awards. “Likewise, Out Reach Nepal grabbed four awards, V-Chitra three, Consult One three, Digitalin three, Key Advertising two and Original Entertainment grabbed two awards in the event.”
Meeting Point grabbed two awards, whereas Ad Desire, NNS Creation, Creo Communication, Digiadvertising, Full Circle, Makeways, MX Creation, Mars Advertising and Research along with Media Journal received one award each under various titles. “The Square Design and White Feathers also received one award each under different categories,” the note reads further.
The awards were sponsored by Nepal Ice and powered by CG Cement.

NRNA, domestic investors save the government

Non Resident Nepalis Association (NRNA) and domestic private sector saved the government as the mega projects illuded the investment summit that has showcased 77 projects for the foreign investors.
The government today signed some 15 memorandums of understanding (MoUs) – most of which is with the domestic private sector and NRNA – of the 17 applications, at the conclusion of the two-day Nepal Investment Summit 2019 in Kathmandu.
The summit witnessed investment agreements on 15 projects between investors themselves and also between the government and investors, according to the Investment Board of Nepal (IBN) that has extended the deadline to submit their applications for the showcased projects till April 20 due to low turnout.
Of the 15 projects that were signed, Chaudhary Group (CG) – owned by Forbes-listed only Nepali billionair Binod Chaudhary – alone signed 4 joint venture agreement with Indian investors, whereas some of the projects earlier said to bring in foreign direct investment (FDI) also signed agreement for financing with the local banks – giving a new definition to the FDI, though the experts claimed it to be a government 'face saver' for the government. A FDI project signing financing agreement with domestic banks is going to not only change the definition of FDI but also create liquidity crunch and hit macroeconomic stability in the country, though the amount seems not huge.
The projects include a joint venture agreement on development of a multi-model logistic park between CG and Sharaf Group, JV agreement to develop the 600-megawatt utility-scale solar photovoltaic project between CG and Skypower, JV agreement between CG and Turkcell for 5G mobile network service, solar photovoltaic energy between Chief Ministers’ Office of Province 2 and CG Infrastructure, according to the board. 
The summit also witnessed agreement on development of the 164MW Kaligandaki Gorge Hydropower Project between Yunnan Xinhua Water Conservancy and Hydropower Investment, Hydro Solutions Group and Shanghai Investigation, Design and Research Institute.
The event also witnessed commitment letter for financing the 900MW Arun-III Hydropower Project – though the Indian developer was supposed to bring in the FDI to develop hydel project – between Nabil Bank, Everest Bank, State Bank of India and SJVN Arun-III Power Development Company. The Indian SBI Bank has made a commitment to provide Rs 65.6 billion while Everest Bank Ltd (Rs 8.13 billion) and Nabil Bank Ltd (Rs 4.88 billion) will also contribute to the project estimated to cost  Rs 112.28 billion.
Muthoot Finance of India also officially announced its investment of Rs 399 million in United Finance, though Muthoot had already agreed to inject money in C-class financial institution in Nepal. United Finance is also a part of Chaudhary Group (CG).
The summit also witnessed an agreement for development of Himalaya Boutique Village Resort in Banepa, setting up a Rs 10 billion fund by Non-Resident Nepali Association (NRNA) and construction of a grain warehouse and infrastructure development cooperation. NRNA and Ministry of Industry signed the agreement. NRNA presiden Bhaban Bhatta informed that an agreement is signed with the government to set up a basket fund worth Rs 10 billion to support the government’s agenda of economic prosperity.
Likewise, Investment Board Nepal (IBN), International Finance Corporation (IFC) and Special Economic Zone (SEZ) Authority for development of Simara SEZ as per public-private-partnership (PPP) modality. Also notable were the announcement of financial investment confirmation of $650 million for the 216-MW Upper Trishuli Hydropower Company by a Korean company.
The IBN has also claimed that it will set up a robust follow-up mechanism on agreements that had been signed and those that would be signed in the next few weeks.
But the investors seemed not convinced with the two-third majority 'communist' government due to their schooling and unpredictable behavior.
The second Nepal Investment Summit held in 2017 saw the commitment of around Rs 14 trillion and its implementation progress is nearly 25 per cent. The country had organised the summit for the first time in 2048 BS following the restoration of democracy. The investors attending the summit had pledged investment of approximately $100 million, but only around 25 per cent was realised, government data show.
This time the investment could go up in the extended deadline.
Addressing the concluding ceremony, former prime minister and co-chair of Nepal Communist Party (NCP) Pushpa Kamal Dahal said it was the right time for investors to inject investment in Nepal as the country’s sole priority was economic prosperity and development.
Finance Minister Dr Yubaraj Khatiwada said the investment summit had successfully promoted Nepal as a favourable destination for doing business and expressed his commitment to support investors through all means.
A total of 735 delegates from 40 countries representing 300 companies, in addition to 600 domestic participants from over 100 companies, took part in the summit, according to the board.

Nirvana Chaudhary awarded YPO’s SEN Sustainability Award

Nirvana Chaudhary has been awarded the Young Presidents Organisation’s (YPO) Social Enterprise Network (SEN) Sustainability Award For Philanthropy because of his work with the Chaudhary Foundation (CF).
For eleven years, YPO has recognised five of its members, who create a positive impact in their communities and companies with the SEN awards, the recipients lead ventures that make an impact on health care, equality, education, employment, eradicating poverty or preserving the planet.
"With 43 initiatives covering all 17 UN Sustainable Development Goals (SDGs), the Chaudhary Foundation is focused on Nepal, opening a spiritual destination that has attracted more than 1.5 million visitors while creating 16,000 jobs, 22 sustainable businesses, awarding more than 3,000 scholarships, building 2,800 free houses for earthquake victims and now launching smart villages through the country," according to , a contributing writer for YPO Elaine Viit.
Chaudhary, the managing director of CG Corp Global and Chaudhary Foundation, said that he is grateful for the opportunity to receive the award and is excited for what it means for the foundation. "It is my belief that providing high-quality community development initiative to the society around Nepal in a sustainable manner is our greatest challenge," he said, adding that it is but also the greatest hope for a better future for every individual, every family, every community and every country.
The other SEN Sustainability Awards were given to Giancarlo Bianchetti (Business), Yann Borgstedt (Equality), Elizabeth Kinney (Impact) and Chocko Valliappa (Education).
Despite his family’s achievements, Nirvana Chaudhary is no stranger to working hard for his own success. He founded his own company within the CG Corp Global conglomerate, CG Finco, when he was only 19-years-old and became the managing director of the Chaudhary Group before reaching 30.
He began leading CG’s philanthropic organisation, Chaudhary Foundation, in 2010. Through the foundation, he has helped open Nepal’s largest spiritual institute, Shashwat Dham, and partnering with the Bill & Melinda Gates Foundation to improve health and sanitation. He also runs his own, private philanthropy initiative in the name of his parents, Binod & Sarika Chaudhary Foundation.
Likewise, Chaudhary Group is a multi-dimensional conglomerate with a complementary business portfolio that comprises over 80 businesses on five continents and in 30 countries. It has a workforce of over 15,000 people and a net worth in excess of $2.5 billion.
In 1995, Chaudhary Foundation was established by Binod Chaudhary, it is the corporate social responsibility wing of Chaudhary Group that focuses on philanthropic activities aimed to improve lives, strengthen communities and sustainably develop Nepal.
The Young Presidents Organisation’s (YPO) is the premier global leadership organisation for more than 27,000 chief executives in over 130 countries and the global platform for them to engage, learn and grow.

'Vivanta Kathmandu' opens

CG Hospitality – a hospitality arm of Chaudhary Group (CG) and NE Group – has now achieved another milestone in the field of hospitality by opening Vivanta Kathmandu from tomorrow. The Indian Hotels Company Ltd (IHCL) – South Asia’s largest and most iconic hospitality company, which owns the Taj Brand – will manage Vivanta Kathmandu. This will be the second iconic hotel of CG Hospitality in the region with IHCL after Meghauli Serai, a Taj Safaris Lodge in Chitwan National Park.
“We are very delighted to bring Vivanta in Kathmandu after nearly two decades," managing director of CG Hospitality Rahul Chaudhary said, adding that the new hotel will set new standards in terms of quality, services and f& b through the famous Taj Hospitality. "We continue to strive for promoting quality tourism in Nepal as we have done with Meghauli Serai."
Vivanta Kathmandu houses 110 rooms and is located in the charming Jhamsikhel, the new tourist destination in the Valley. With its enviable setting, urbane rooms and avant-garde restaurants, the hotel is a perfect option for short and long stays. Guests have a choice of distinctive culinary options with Akari, serving pan Asian cuisine, a rooftop bar, Koko serving bistro-style food, to the whiff of local Newari dishes at Mynt - the all-day diner.
"Vivanta Kathmandu is the perfect destination for the world travel lovers and to explore the beauty of Nepal," managing director of NE Group Rabindra Bhakta Shrestha, said adding that the hotel looks forward to provide the best available service around the globe in Vivanta.
Other facilities include a fitness centre, swimming pool, a spa and world-class concierge services that de-mystify the region’s unique culture and natural splendour.
The Indian Hotels Company Ltd (IHCL) and its subsidiaries, bring together a group of brands and businesses that offer a fusion of warm Indian hospitality and world-class service. Incorporated by the founder of the Tata Group, Jamsetji Tata, the company opened its first hotel - the Taj Mahal Palace, in Bombay in 1903 and currently operates 145 hotels globally across 4 continents, 11 countries and 72 locations. 
NE Group chaired by Ravi Bhakta Shrestha, is a promoter shareholder company of Vivanta Kathmandu. The company is engaged in various verticals including hospitality, private equity, real estate, consumer goods, financial services and healthcare.
Likewise, CG Hospitality has an existing portfolio of 85 hotels and resorts in 9 countries around the world with over 4200 keys. There are 40 upcoming hotels and resorts with around 2100 keys in 3 different countries. It is moving ahead with a goal to establish 200 hotels in 20 different countries with 10,000 keys, by 2020.

CG Telecom to operate mobile service

The Supreme Court has ordered the Nepal Telecommunications Authority (NTA) to allow the CG Communications (CG Telecom) to operate its mobile service. A single bench of Justice Deepak Raj Joshee issued the verdict in this connection today, paving the way for the CG Telecom to bring the mobile service – popularly known as 4G service – within 2019.
After the apex court's order, Chaudhary Group (CG) said that the company will expedite process to launch the mobile service at the earliest. "Following the court's order, our company is now ready to launch the mobile service," spokesperson at the CG Group Madhusudan Poudel said.
The CG Communications had filed a case at the Supreme Court after the authority did not allow the company to run the mobile service even though the company had already acquired Unified license.
A cabinet meeting – on Jestha 14, 2074 – had decided to give license to the CG Telecom to operate the mobile service in May 2017. But the telecommunications regulator has been putting on hold the government the decision. 
Though the government had already decided to provide basic telephony license to CG Telecom, the authority invited telecommunications companies for the auction of residual spectrum in 900/1800/2100 MHz band on Poush 4, 2075. The CG Telecom went to Supreme Court against the frequency auction, which hinders them from getting frequency spectrum. Without frequency spectrum, no telecom operator can start any of the mobile service operation (2G, 3G, 4G).
The SC decision also directs NTA to treat CG Telecom in the same way as other telecom operators. Putting the spectrum auction on hold, SC instructs NTA not to hinder in any way for the operation of mobile service by giving permission to bring equipment and operate with frequency spectrum.
CG Telecom had already started paying the pending sum for the royalty and frequency fees in installment, Poudel said, "Out of total Rs 360 million, CG Telecom has paid the first installement to NTA."
CG Telecom is a subsidiary of Chaudhary Group (CG), the multi-national company from Nepal which manufacturers Wai Wai, owns Nabil Bank, CG Electronics, hotels, insurance and more. Paudel also hinted that the company has already finalised the Strategic Partnership with world renowned International company.

Vivanta hotel coming up in Jhamsikhel

Chaudhary Group (CG) has signed an agreement with the Tata Group’s hospitality arm Indian Hotels Company Ltd (IHCL) to bring brand Vivanta to Kathmandu. IHCL and Chaudhary Group signed an agreement today to bring the new Vivanta, the IHCL's second hotel in Nepal after Meghauli Serai in Chitwan National Park, according to a press note issued by the group.
IHCL brand includes Taj, Vivanta and Ginger.
"The new Vivanta outlet in Nepal will have 111 spacious rooms and suites with a selection of rooms offering panoramic views of the Kathmandu city," the press note reads, adding that the hotel will be located in Jhamsikhel, Kathmandu. "The hotel will also include all-day dining and specialty restaurants, a bar, banqueting facilities and a spa."
After signing the agreement managing director of CG Corp Global and Director at R&R Hotels and Resorts, Rahul Chaudhary said that the group was delighted to once again partner with IHCL. "After having signed partnership for 12 hospitality projects with IHCL in Sri Lanka, the Maldives, Malaysia, Thailand, India and Nepal, we are now introducing the Vivanta brand to Nepal," he said, adding that they look forward to bringing the legendary Indian hospitality to the Kathmandu Valley.
"We are honoured to partner with R&R Hotels and Resorts for this new hotel," managing director and chief executive officer at Indian Hotels Company Ltd (IHCL) Puneet Chhatwal, said, adding that Kathmandu is an extremely popular tourist destination and this hotel will help the company complete a tourist circuit with Meghauli Serai, the Taj Safari lodge in Chitwan National Park.
R&R Hotels and Resorts is a major shareholder in CG Hospitality. CG Hospitality owns and operates over 95 hotels and resort in 12 countries and 70 destinations. By 2020, the portfolio is expected to grow to over 200 hotels, the CG Hospitality claimed. The Indian Hotels Company includes Taj, the hallmark of iconic hospitality, and Vivanta with its collection of sophisticated upscale hotels.

UNDP, Chaudhary Foundation partner for SDGs promotion

The Chaudhary Foundation (CF) and the United Nations Development Programme (UNDP) today signed a partnership agreement for the advancement and promotion of Sustainable Development Goals (SDGs) in Nepal.
The agreement was signed by managing director of Chaudhary Foundation Nirvana Chaudhary and UNDP country director for Nepal Renaud Meyer on behalf of their respective institutions.
Under this partnership, the UNDP and Chaudhary Foundation will collaborate to undertake joint initiatives to promote and increase awareness on SDGs by focusing on and mobilising stakeholders for their contribution to the achievement of SDGs in Nepal.
According to the agreement, this partnership will also optimise the contribution of Chaudhary Foundation to local economic development by strengthening linkages between micro entrepreneurs and their businesses, helping Nepal to meet some SDG indicators in the areas of poverty reduction, gender equality, industry, technological innovation and infrastructure.
Speaking on the occasion, UNDP country director Meyer said that SDGs are ambitious, complex and challenging, which is why not just the government but other stakeholders, including civil society and private sector, should put collaborative efforts to achieve SDG targets. “In Nepal, the private sector can play an important role to bring in resources, technology and innovation to aid and accelerate the SDG implementation process,” he added.
The UN General Assembly Summit in September 2015 had adopted 17 SDGs with 169 targets to transform the world to a better place to live in by 2030. Some of the ambitious goals set by the UN Summit for the next 15 years include ending poverty in all its forms everywhere, ensuring healthy life for people, ensuring inclusive and equitable quality education, ensuring access to affordable and reliable modern energy for all, promoting sustained economic growth, reducing inequalities within and among countries, and taking urgent action to combat climate change and its impact.
After the signing ceremony, managing director Chaudhary said that Chaudhary Foundation has given high priority to sustainable social reforms in Nepal and expressed his commitment to facilitate national targets to achieve SDGs.

Meghauli Serai featured among the best new hotels of 2017

Travel & Leisure magazine has featured Meghauli Serai – a Taj Safaris lodge – as one of the best new hotels of 2017.
Meghauli Serai is a part of CG Hotels & Resorts, a hospitality portfolio arm of Chaudhary Group (CG).
Travel & Leisure has showcased some 44 hotels and resorts around the globe in its annual 2017 'ItList' as the Best New Hotels. The US-based magazine is a globally renowned publication on luxury hospitality travel and tourism.
"This year, the competition was fiercer than ever," the magazine writes. "The 44 hotels and resorts are making waves for different reasons – some for killer design, others for culinary bona fides or an unbeatable location – but all are inspiring the rest of the hospitality world to take note."
The 2017 'Best Hotels in the World' ItList covers 44 hotels and resorts in 31 countries on six continents.
"We are truly humbled by this amazing recognition which has put Nepal and CG on the global map for providing world-class hospitality experiences,” said executive director of Chaudhary Group and MD of CG Hotels and Resorts Rahul Chaudhary. "CG Hotels & Resort's hospitality portfolio consists of some of the most iconic properties globally in destinations such as the Maldives, Sri Lanka, Dubai, the Philippines, China, Indonesia and New York to name a few," he said, adding that the company is proud of its partnership with Taj and is confident that Meghauli Serai's feature in Travel & Leisure will result in the influx of high-end tourism into Nepal. "This is the 5th high-end lodge within our portfolio under Taj Safaris in India and Nepal."
Located next to the UNESCO World Heritage Site of Chitwan National Park, Meghauli Serai offers the visitors an opportunity to experience rich diversity of wildlife and vegetation. The park is especially renowned for its protection of one-horned rhinos, Royal Bengal tiger and Gharial crocodiles.

CG, Nimbus pledge to help start-ups

Chaudhary Group (CG) and Nimbus Group will help the start-ups with capital and other support.
Talking at ‘Finance Your Dreams’ – an interaction with some 450 young entrepreneurs organised by Himalyan Climate Initiative (HCI) – in Kathmandu today, CG Corp managing director Nirvana Chaudhary and Nimbus managing director Anand Bagaria pledged their personal and corporate commitments to help incubate start-ups in Nepal.
They also announced their personal and corporate commitments to help incubate start-ups in the country to boost entrepreneurship.
Speaking at the event, Chaudhary said the Chaudhary Group is always committed to supporting young start-ups with an information technology bent. "We are making a huge chunk of money available for young entrepreneurs and companies,” he said, adding that young entrepreneurs often find it difficult to access finance. "As entrepreneurs ourselves, we feel committed to make entrepreneurs in the society,” he added.
Chaudhary also suggested youths to develop a package of passion, energy, innovation and execution plans before starting any new ventures.
Likewise, Bagaria said core business start-ups come from entrepreneurs and then get supported by investors. "However, sometimes ideas also came from investors and will be picked up by young entrepreneurial talents."
Stressing on the need to develop incubation hubs in the country, Bagaria informed that such hubs would help create an environment where entrepreneurial ideas are exchanged and brought to fruition. “Nimbus is always positive to support start-ups of Nepali youths and develop entrepreneurship in the country,” he added.
A founder of HCI Prashant Singh, on the occasion, said that 500,000 new jobs should be created in the country each year to stop talented youths travelling to foreign countries in the search of work. "One entrepreneur can create three to five jobs,” he said, adding that only entrepreneurship would help in the development of a country’s economy.
He also said the aim of the event was to collect entrepreneurial ideas. "The ideas generated at the event would be further shaped at HCI Incubation Hubs and those which were ready for investment would be presented to potential investors for consideration.
HCI is a not-for-profit organisation that runs 'Social Innovation and Business Incubation Hubs' in Kathmandu and Nepalgunj.

Chaudhary calls for more philanthropic contributions

Chairman of Chaudhary Group Binod Chaudhary has stressed the need for significantly increasing private sector spending on philanthropic projects.
"We need to recognise the importance of our societies' sustainability," Chaudhary said, addressing the Milken Institute Asia Summit in Singapore yesterday. "We, the private sector, should seriously reflect upon our contribution to the society that is so important to us."
Rather than thinking of profit as the prime objective, the private sector should focus on doing sustainable and socially responsible business, Chaudhary told top business leaders attending the summit.
Chaudhary's remarks came on the backdrop of Chaudhary Foundation's ongoing CG Shelter and CG School projects in the earthquake-affected districts of Nepal. He was recognised with the 'Asian Man of the Year' award by 'We Care for Humanity', a US-based humanitarian organisation, at the UN Building, New York, in August in recognition of his contribution to rehabilitate the earthquake survivors.
Chaudhary also called upon the world business leaders to support Nepal's post-quake rebuilding efforts. "Nepal is making effort for rebuilding," he said, adding that the business sector can definitely contribute toward this end.
Stating that the earthquake came as an unfortunate disaster for the people of Nepal, Chaudhary said that the country could nevertheless take the rebuilding effort as an opportunity for economic growth. "We are doing our best for rebuilding, but have been unable, so far, to take it forward as a catapult for economic development. We have this opportunity in hand, and we need to take it," he added.
Chairman and chief executive officer of Singapore-based KS Energy Kris Wiluan, founder and chairman Emeritus of India-based Sobha Group PNC Menon, and founder of Room to Read John Wood were the co-panelists with Chaudhary. Chief executive officer of JP Morgan Private Bank Andrew L Cohen moderated the event. Top leadership of private and non-government sector from across the world attended the prestigious annual summit.
The Milken Institute is a non-profit, non-partisan think tank working to increase global prosperity by advancing collaborative solutions that widen access to capital, create jobs and improve health. It conducts data-driven research, action-oriented meetings and policy dialogues toward that end.

Visionary industrialist Lunkaran Das Chaudhary passes away

Visionary industrialist Lunkaran Das Chaudhary, 93, passed away today afternoon at Norvic Hospital. He was suffering from heart ailment and diabetics. He is survived by his three sons – Binod Chadhary, Basanta Chaudhary and Arun Chaudhary – and a daughter Kusum Agrawal.
The founder of the Chaudhary Group, which is the only Nepali company that has made it to the Forbes' list of billion dollar companies, Lunkaran Das is viewed as the pioneer of international trade and industralisation in Nepal.
According to the president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Pashupati Murarka, he is one of the last entrepreneurs, from the Marwadi community, who envisioned that the private sector could be a part of Nepal's economic development. "He was a religious man and an honest entrepreneur," he added.
One of the foremost figures to promote trade and commerce in the country, Lunkaran Das expanded his family business of trading to jute and spinning mills, stainless steel production and construction.
Lunkaran Das started his long and successful journey as an industrialist by literally trailing his father Bhuramull Chaudhary to the royal palace, residences of royal families and Rana rulers where the duo used to sell textiles and saris imported from India, according to a book by his son Binod Chaudhary. He was only eight or 10 at that time, the book reads, adding that "In those days, outsiders, especially males, were not allowed to enter the rooms of female members in the royal palace. But Lunkaran Das used to get access because of his age. And once he went inside with saris and textiles, the queens and female members of the royal family never disappointed him."
According to the book, Bhuramull finally stopped wandering door to door to serve his clients when the then Rana Prime Minister Juddha Shumsher allowed him to open a store in New Road. The permission was granted acknowledging the benevolent attitude of the Marwadi community towards the victims of the devastating earthquake of 1933.
Soon, New Road saw a new store Bhuramull Lunkaran Das Chaudhary. The opening of this textile store laid the foundation stone for creation of a business empire called Chaudhary Group, now one of the country’s leading business houses with around 40 companies under its wing.
Born at Makhan Tole in Kathmandu, Lunkaran Das took over the business at the age of 23, after the demise of his father Bhuramull Chaudhary. At the time when Lunkaran Das lost his father, he had only a family store. But then he started jute business and also exported  to India and Europe via Biratnagar. Later, he opened the first branch of Bhuramull Lunkaran Das Chaudhary in Biratnagar. Soon, he also started importing textile from Japan and Korea.
While the trade of imported textile was flourishing, Lunkaran Das decided to diversify his business and enter into construction sector, an area in which he had no prior experience.
He embarked on this journey by securing a sub-contract for construction of Kathmandu-Trishuli road section. According to the book, the road to Trishuli led Chaudhary Group to today's status. "Later, he also secured the contract to build Soaltee Hotel," the book further adds.
At a time when the government was pushing for industrialisation, Lunkaran Das was instrumental in establishing Biratnagar Jute Mill, Modern Hosiery, Nepal Spinning, Ratna Stainless Steel, Flooring and Furnishing and United Builders, among others, which inspired the growth of private sector in Nepal. He is also credited for opening a departmental store 'Arun Emporium' in 1968 – some 50 years ago – in Nepal. Lunkaran Das also later founded the first flooring and furnishing store that used to cater to the needs of interior decoration of embassies and royals.
Lunkaran Das has many firsts to his credit establishing not just new business entities but also founding institutions for strengthening the private sector. He was founding member of FNCCI, Nepal Chambers of Commerce (NCC) and Marwadi Sewa Samiti, among others.
According to NCC president Rajesh Kazi Shrestha, Lunkaran Das was a benign industrialist, who envisioned the private sector role in Nepal's economic development.
"He also believed that a strong private sector could help in rapid economic development of a country and create a prosperous nation,” added Murarka.

Billionaire Chaudhary raises blockade issue at Commonwealth summit

President of Chaudhary Group (CG) and President Emeritus of Confederation of Nepalese Industries (CNI) Binod Chaudhary has drawn the attention of international community, stating that the ongoing blockade on Nepal will create extreme humanitarian crisis.
He also raised the issue of Indian blockade of key border trade points with India at the Commonwealth Summit in Malta, warning that it will create extreme humanitarian crisis in the country already reeling from the devastating earthquake.
Addressing the Commonwealth Heads of Government Meeting of the 53-member bloc, president of Chaudhary Group (CG) and President Emeritus of Confederation of Nepalese Industries (CNI) Binod Chaudhary said that Nepal already devastated by earthquake is pushed into economic crisis by the ongoing blockade. "The blockade has crippled daily lives of people and virtually shut down industries and businesses in the country," the only Nepali billionaire listed by Forbes said, addressing the meeting on 'Connecting Asia: Accelerating Regional Integration and Development’, today. Though Nepal is not a Commonwealth member country, Chaudhary was invited as a guest. Heads of nations, heads of governments and private sector leaders from around 80 countries are participating in the meeting. The meeting is an important international forum in which the heads of nation and government discuss common challenges, new opportunities, and priorities.
Stressing on the need for liberal leadership for regional integration in South Asia, he said that it would be possible only, if the leading country India shows liberal attitude towards its neighbours. "India should play as liberal role as Germany did during European Union’s establishment."
Chaudhary also expressed concern over the land-locked country’s deprivation from free transport facility. Pointing that Nepal has not received support from anywhere for ending the blockade, he said the situation has put the relevance and usefulness of SAARC under question. "SAARC is known as the weakest regional organisation in the world," a statement quoted Chaudhary, adding, "Despite occasional good initiatives and plans, the region has always lagged behind on regional integration and development due to mutual disagreements."
Development of infrastructure is a precondition for the development of SAARC, which is home to 40 per cent of the world’s poor. But due to mutual distrust and lack of cooperation, there hasn’t been any progress towards building infrastructure such as cross-country road networks, and institutions such as SAARC bank,” he added.
Stressing on the need of transportation network for regional development and integration, Chaudhary said in lack of it the cost of production and distribution among SAARC nations is high. Development of inter-national road network and unrestricted access to transportation is inevitable for the region that is home to landlocked countries like Nepal and Bhutan.
Nepal has been reeling under severe shortage of medicines and other essential goods due to unrest by Tarai-Madhes-centric parties, which are protesting against the new Constitution, and blockade of key border trade points by India.
Though, India maintains that there has been 'no blockade' and the problem is political in nature which has to be resolved by the Nepalese leadership through dialogue, Nepal is reeling under acute shortage of essential goods including petroleum products and even medicine, due to restriction on customs, where there is no protest.

CG starts Leadership and Management Development Programme

Chaudhary Group (CG) has come up with the concept of Leadership and Management Development (LMD) programme, a first of its kind training programme for its employees.

The concept of LMD programme was conceived by the president of CG Binod Kumar with the vision to transform the lives of CG executives by promoting critical thinking and developing their skill and ability to match and be above the requirements of the competitive world.

The company first identified around 50 people, whose performance had been good in the past year from its vast pool of staff.

Ram Bhakta Shrestha and Avash Niroula were then roped in as training experts for evaluation and the final selection of participants who selected 30 employees to be a part of the first batch.

Shrestha, also a management trainer, has over two decade long experience in the field. He was chief of organisation development at Nepal Administrative Staff College from 1990 to 2012. Likewise, Niroula is a management trainer and consultant at Center for International Training and Development (CITD).

The mission of the programme, which will be conducted over 24 weeks, is to promote a learning environment, and motivate future leaders.

The programme will focus on different aspects of learning and incorporate class and projects based learning, and on the job training. The training will also require participants to be involved in CSR activities. A strict evaluation will be carried out throughout the duration of the programme to ensure full involvement and consequent growth of the participants, according to the CG that thinks leaders have an extremely important role to play in any organisation.

CG has also decided to incorporate Art of Living classes in the training session keeping in mind the need for leaders to be able to remain calm and focused in highly competitive settings. CG management believes that its employees are its assets and the programme is an attempt to hone those very assets.

CG granted Commonwealth Business Council membership

Chaudhary Group (CG) has become the first Nepali company to be granted Corporate Membership of the Commonwealth Business Council (CBC).

With the membership, the company can explore business opportunities in member countries, access to decision makers and influential policy shapers, including heads of government and Commonwealth Ministers and contribute to policy inputs through participation in Commonwealth Business Council Working Groups, among others, according to the CG.

The CBC acts as a bridge between private sector and governments, between emerging markets and developed markets and between small businesses and international private sector.

Wai Wai best domestic brand, Ncell best multinational brand

Wai Wai, a flagship brand of the Chaudhary Group, bagged the best domestic brand award, whereas telecom service provider Ncell bagged the best multinational brand award during the Nimbus FNCCI National Excellence Awards ceremony here today.

The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Best brand award – that has been started from this year – was selected on the basis of Facebook like and SMS voting.

The domestic instant noodles brand, Wai Wai – that belongs to the first Nepali billionaire listed in Forbes Binod Chaudhary, who is also the President Emiratus of CNI – was nominated along with Chocofun, Jagadamba Steels, Pashupati Paints and Tokla Tea for the best domestic brand.

Likewise, Coca-Cola, Fair & Lovely, Asian Paints and Standard Chartered Bank were other nominees in the best multinational brand category.

On the occasion, President Dr Ram Baran Yadav and finance minister Shankar Prasad Koirala awarded some 16 business houses and individuals under nine categories, including the first ever best brands – domestic and multinational – awards.

The President also handed over Nimbus FNCCI National Excellence Awards to Unilever Nepal, Quest Pharmaceuticals and Get Paper Industry as the best enterprises. The FMCG major Unilever Nepal bagged the coveted FNCCI National Excellence Award for its outstanding performance among large-scale industries, whereas Get Paper Industries was recognised under small enterprises and Quest Pharmaceuticals under the medium-scale enterprises category, and also for implementing best management practices and achieving outstanding results in customer and employee satisfaction.

Likewise, Ncell, F1 Soft International and Advanced Poly Clinic bagged Service Excellence Award under-large, small and medium-scale service enterprises category, whereas Nabil Bank bagged FNCCI People Excellence Award 2013.

The prestigious NRN Business Person of the Year was awarded to Upendra Mahato, while Min Bahadur Gurung – the owner of largest local chain Bhat-Bhateni Super Store – bagged the Best Business Person of the Year-2013 award.

The President also awarded Soaltee Group President Emeritus Prabhakar SJB Rana with Lifetime Achievement Award-2013 for his contribution to the business and the economy of the country.
Likewise, the international fame Prabal Gurung recived the Young Achievers Award (male), whereas Nikita Poudel of Gopi Krishna Group and Milee Shrestha bagged Young Achievers Award (female).
“We are here to celebrate the achievement of the Nepali business fraternity,” said FNCCI president Suraj Vaidya during the awards ceremony.

On the occasion, Gham Power Nepal bagged the commendation letter for Employment Satisfaction, Sipradi Trading for Employ Development and Butwal Power Company for Work Plan Development.

The FNCCI has fixed a set of criteria and performance indicators through multiple and scientific parameters for the award,” chairman of the FNCCI´s productivity and quality committee Saurav Jyoti said, on the occasion.

 The award is expected to inspire organisations to make their products competitive by enhancing their quality,” he said, adding that the award is aimed at encouraging business organisations to improve the quality of their management and deliver customer service excellence.

The FNCCI has been celebrating the entrepreneurship by honouring companies with best practices and services, businessmen and young achievers, who have contributed to the country with the National Excellence Award since 2001.