KATHMANDU, Sept 6: Nepal Purbadhar Bikash Company Ltd, the developer of Kathmandu-Kulekhani-Hetauda Tunnel Highway Project, has elected Bhawan Bhatta as its new chairman.
The board meeting of the company held on Tuesday anonymously elected Bhatta to the post. Bhatta, who chaired the company till January in his first stint, is also the president of Non-Resident Nepalese Association.
Bhawan Bhatta running for NRNA president
Issuing a statement, the company said that it has signed yet another agreement with a foreign company to bring investment for building the 55-kilometer tunnel highway. According to the statement, NPBCL signed a Joint Development Agreement (JDA) with Power China -- a Chinese infrastructure company -- in July. “The Chinese firm has made the commitment to hold 95 percent stake in the company and bring investment from global financial institutions,” the company added in the statement.
Earlier in August, 2014, the company had signed an agreement with three Canadian companies -- Infrabanx Corporation, Shej Global Canada, and Global Financial Associates Canada -- to bring US$ 280 million worth of investment in the project. But the agreement did not materialize.
The new JVA comes a few weeks after the Province 3 Government decided to build the project on its own. The provincial government has also allocated budget to prepare Detailed Project Report.
