Nepal’s Chaudhary Group to invest over Rs four bn in Lanka

Shirajiv Sirimane

Chaudhary Group of Nepal with overseas investments in several countries would invest over Rs four billion in Sri Lanka in diversified sectors. Binod K. Chaudhary, Chairman of the group said that they made their presence 17 years ago by tying up with Taj Group of Hotels and recently acquiring a stake in two hotels, Jet Wing Vil Uyana and Jetwing Sea.

He said that they were now looking at building a cement manufacturing plant in the Northern Province. “We are hoping to invest over US$ 75 million for this venture which is also export oriented.” He said that for the first time they were also looking at exporting Clinker which is now imported.

He said that they have also being promised a land and they have formally obtained the green light of the Geological and Minds Bureau and the BOI. Asked if they were interested in developing the existing Kankesunthurai factory which had been abandoned he answered in the negative.

He said that Znic Journey, another associate company has tied up with South Africa’s largest travel company and this partnership was promoting inbound tourism to India and the Maldives. “We have several hotels in the Maldives to cater to this market and also have promoted four wild life parks in India for And Beyond programme in India.”

Dubbed as the Worlds 1342th in the Fobbes World’s Richest List, Chaudhary, said that he wants to introduce this high spending clientele segment to Sri Lanka as well. “Sri Lanka is now a popular destination not only for Tourism but also for investment as well.”

Znic Journey was also having huge investment plans for this purpose and have already acquired three bungalows in Hatton targeting this segment of high end travellers. “We are planning to own similar high end luxury boutique hotels in Kandy, Wilpattu, Sigiriya, Weligama, Unawatuna, Wadduwa and Pasikudah. “We are looking for an investment in the tune of US $ 5 to 10 million for these ventures.”

Chaudhary Group (CG) with its presence in Nepal for over 136 years is a multi- dimensional conglomerate. The core area of business is Food and Beverages, Education, Real Estate, Financial Services, Hydro Power, Infrastructure, Telecom, Cement and Hotels and Resorts. The Group’s operations in Nepal was headed and led by Chaudhary’s eldest son, Nirvana, in his capacity as Managing Director.

He said that they would make further investments to upgrade existing properties belonging to both the Taj and Jetwing hotel with which they have stakes. “We are looking at building a 85 room five star hotel in Kandy with Jetwing. “We hope to invest around US S 15 million for this venture.”

He disclosed plans to enter the local FMCG market as well in the future. “We may look at a Noodle manufacturing facility first.” He also mulled plans to enter the local financial services sector and the education sector.