China's state-owned cement company signs deal with Nepal's IBN

Nepal has signed an agreement with a Chinese cement company to invest USD 140 million to set up a plant in the country's Dhading district, according to officials.
Huaxin Cement, the Chinese government-owned entity, yesterday signed the investment agreement with the Investment Board Nepal (IBN).
IBN CEO Maha Prasad Adhikari and Liu Jianguo, Director of Huaxin Cement, signed the agreement to invest USD 140 million to set up the cement plant in Nepal, the officials said.
Following the agreement, the IBN needs to submit the company's investment proposal to the IBN board headed by the Prime Minister of Nepal for final approval.

The foreign direct investment (FDI) proposal of Huaxin Cement needs to be approved by the IBN board to materialise the investment.
The cement manufacturer has already obtained the limestone mining licence through competitive bidding and paid NRs 600 million for the mine located at Panikharka of Dhading district.

Huaxin Cement has submitted its plan to manufacture 3,000 tonnes of cement every day, which will be the second largest cement plant in the country.
In recent years, Chinese joint ventures have been making big investments in various sectors in Nepal making the northern neighbour the largest foreign direct investor in the Himalayan country.

Earlier this year, Nepal government had approved the FDI proposal worth USD 360 million made by China's Hongshi Holdings Ltd that has joint venture with Nepali cement manufacturer Shivam Cement and it is all set to start production.