Green Invest Ltd (GIL) today announced the launch of its investment banking and business advisory services.
"Nepal needs investment for the economic growth,” said Jagdish Agrawal, chairman of the company that aims to act as a bridge between depositors and investors to act as a catalyst to Nepal's industrialisation.
“The company plans to create an equity fund worth Rs 5,000 million and Mutual Fund apart from advisory services.
"The first of its kind of company in Nepal plans to provide advisory services to both fast-growing Nepali organisations, multinationals and government agencies," he said adding that the company has its own team of professionals apart from internationally reputed agency Ernst & Young Private Ltd – with which it entered into agreement today -- for technical support.
"Ernst and Young brings global experiences in Nepal," Sunil Chandiramani, Partner, Ernst & Young India. "With a rapidly growing market and domestic companies seeking to expand their presence, the local market would benefit tremendously from high quality investment banking and advisory services," he said adding that they bring the advantage of their established global experience and understanding of business trends.
Renowned Indian expert on financial services and advisor of GIL Sudip Bandyopadhyay said that GIL will seek to facilitate investments into Nepal by Indian and other international investors. "There is huge opportunities in Nepal," he said adding, "But they could not be exploited as there is resource crunch."
Green Invest will help manage funds for investments to tap the opportunities, according to Bandyopadhyay, who was earlier Relience Capital. "The challenge is how to capitalise the opportunity," he said adding that since last one decade the development has got stuck.
"There is no reason why Nepal could not take advantages of growing economic powerhouses in its North and South," said Bandyopadhyay.
The company that has Rs 75 million paid up capital currently will venture into other financial activities over a period of next one to two years in a phased and calibrated manner. Promoted by leading business houses like Nimbus Group, Golchha Group, ICTC, WLink and Smart Choice Technologies (SCT), the company is entering into an agreement with some financial institutions soon for the advisory services. It is also planning to float shares and increase paid up capital to Rs 150 million.
