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Nepal billionaire plans US $ 75mn cement plant in Jaffna

21 May 2013 - {{hitsCtrl.values.hits}}

Nepal’s first Forbes billionaire, Binod Chaudhary has submitted a proposal worth of US $ 75 million to the Sri Lankan government to set up a stateof-the-art cement plant in the Jaffna Peninsula, a statement issued by Chaudhary’s office said.

In Sri Lanka, Chaudhary has an estimated US $ 200 million investment, including projects underway and proposed.

Even before Forbes placed Binod Chaudhary in its 2013 Annual Global Rich List, his love affair with Sri Lanka had begun with a foray into Colombo in the year 2000, when he acquired a substantial stake in Taj Lanka Hotels, Sri Lanka.

Chaudhary’s company Cinnovation also entered into a joint venture with the Jetwing group where two of its signature properties, Jetwing Vil Uyana and Jetwing Sea have benefited with substantial investments.

According to the press statement, he is a great admirer of Sri Lanka and expressed confidence that Sri Lanka is on the threshold of a dynamic phase of growth in spite of several challenges that he believes, must be faced.

Chaudhary’s business conglomerate encompasses close to 85 operating companies with interests in banking, food, real estate, cement, power, electronics, education, Ayurveda, telecom, retail networks and hotels.

The relentless growth restricted at home, compelled Binod Chaudhary to base much of his estimated US $ billion fortune in Singapore with his investment arm, Cinnovation.

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Nepal billionaire plans US $ 75mn cement plant in Jaffna

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