KATHMANDU, Nov 28: Hong Kong Redline, which is associated with the Chinese cement giant Hongshi, is investing Rs 15 billion in Dang Cement after it received a go-ahead from Nepal Rastra Bank (NRB) to inject money from an investment company.
According to the officials of Hongshi Cement, it is investing the aforementioned amount via HS Investment. The government through publishing a notice in Nepal Gazette allowed the company to bring in investment via this mechanism.
Hongshi purchased Dang Cement from Ambuja Group, India. The company holds 85 percent shares in the cement company while Shivam Cement of Nepal has the remaining 15 percent shares. The Chinese investor plans to produce 6,000 tons of cement per day.