Govt allows Super Madi Hydropower to bring foreign investment

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    KATHMANDU, July 3:

    Prabardan-Board-MeetingThe Industrial Promotion Board has permitted the promoters of Super Madi Hydropower Project to bring foreign investment for the Kaski-based project.

    The 44 MW-project is located in Namarjun and Parchhe VDC of Kaski. It is estimated to cost Rs 6.95 billion.
    Likewise, the board, which is led by industry minister Shankar Prasad Koirala, has also decided to add two members in the taskforce formed to formulate the standard for liquor-based industries.

    The board decided to add new members in the taskforce after it failed to complete tasks assigned to it on time, according to a press statement issued by the secretariat of Minister Koirala.

    The taskforce, which is led by Yam Kumari Khatiwada, joint secretary at the Ministry of Industry, will have an expert and a representative of Inland Revenue Department as the new members.

    The board has also accepted the capital increment plan put forth by Chitwan-based Bottlers´ Nepal (Tarai) – the bottlers of Coca-Cola products.
    Bottlers Nepal had requested the industry ministry to increase its capital base from existing Rs 121 million to Rs 3.12 billion.

    According to the statement, the board has also decided to recommend to the Ministry of Finance to introduce a facility for the exporters to refund excise duty paid by them while importing raw materials.

    The agendas discussed in the meeting were presented by the Director General of Department of Industry Dhruba Rajbanshi.
    Along with Minister Koirala, secretaries at the Ministry of Finance, Ministry for Commerce and Supplies, Ministry for industry, Ministry of Labor and
    Transport Management and Governor of Nepal Rastra Bank participated in the meeting. Likewise, Bhaskar Raj Rajkarnikar, senior vice president of Federation of Nepalese Chambers of Commerce and Industry, and Narendra Basnet, president of Confederation of Nepalese Industries represented private sector in the meeting.

    Source : Republica