KATHMANDU, Dec 12: A Malaysian investor, which employs over 400 Nepalis as security personnel in Malaysia, has announced its plan to invest US$ 400 million in Nepal.
Ludhiana Holdings Sdn Bhd, the Malaysian renewable energy company promoted by Malaysian investor Manjit Singh, has already applied to the Department of Electricity Development for a survey license of 303 MW Jawa Jumla Hydropower Project in Karnali. The company is awaiting a decision on the license.
The group’s managing director Manjit Singh said that his company was working for an investment of more than $ 400 million in the form of private equity and bank financing for undertaking a couple of hydropower projects in Nepal over the next five years, according to a press statement issued by the company on Monday.
Singh, of Indian origin, was born in Malaysia. Corporate advisor of the company Tim Leonard claimed that they were probably the first Malaysian investors interested in investing in the hydropower sector in Nepal.
In addition to investing in the project, the company has also announced that it would bring in more Malaysian investments in the country, focusing particularly in the hydropower sector.
The company also opened a one-stop resource center for hydropower development in Bansbari of Kathmandu on Monday.
“The resource center will assist Malaysian companies to venture and invest in Nepal’s hydropower sector,” the company said in the press release. “All the necessary information will be available at our resource center and this will make the process easier for Malaysian companies and investors.”
Singh said that he realized the importance of investing in Nepal’s hydropower when he saw the country reeling under acute power crisis during his Nepal visit in 2016.
Four different security companies promoted by his group employ over 400 Nepalis as security personals in Malaysia.