A Nigerian Dangote Group’s cement factory might become the first
project to get approval from Investment Board of Nepal since its establishment some
two-and-a-half years ago.
The Board is going through the investment proposal of Dangote
Group, said the Board chief executive Radhesh Pant.
The Nigerian business conglomerates had approached the Board with
an investment proposal of $800 million cement factory some eight months ago, he
said, adding that the Board has completed preliminary study of the proposal. “Most
probably, the Board will soon give a green signal to the group to start its
cement project.”
The Board meeting on February 13 had accepted the company’s
foreign direct investment (FDI) proposal.
The Board had also formed a committee led by Pant, including director
general of the Department of Industry Dhurba Lal Rajbansi and director general
of the Department of Mines and Geology Sarabjeet Prasad Mahato.
The committee submitted its report a month ago and the next Board meeting
will give final approval.
Likewise, the chairman of the Investment Board and chairman of Interim
Election Council Khil Raj Regmi has also approved the proposal a week ago.
The foreign investor is also in its process to get a licence
for limestone – a key raw material for cement – mine. The group is planning to set up cement factory in Surkhet in
western Nepal.
Headquartered in Lagos of Nigeria, the group’s Dangote Cement is
the largest cement producer in Africa and Dangote Cement operates in 14 African
country.
With a net worth of $12
billion, Dangote Group president and chief executive Aliko Dangote is the
richest person in Nigeria and 76th richest person in the Forbes
magazine’s billionaire list.
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