CG plans to diversify into infrastructure and service sectors

The Chaudhary Group (CG), one of the leading business houses in the country, has announced that it is in the process of converting its business into mega-business enterprises with plans to diversify into cement, power and service sectors like banking and other financial institutions.

"We are converting our businesses into mega-business enterprises with diversified investments, switching smoothly from the manufacturing sector to infrastructure and services," president Binod Kumar Chaudhary said, unveiling the group's plan at a press conference on Tuesday. He said that this major shift in the group's strategy was necessary given the structural changes seen in the business sector in the country.

Chaudhary further said that the group has initiated the process of investing in a number of 10-300 megawatt (MW) hydro projects and in one of the biggest cement factories in the country as joint ventures with different companies.

"Around 2.6 million tons of cement are imported into the country annually. This means that three million tons of cement is required to satisfy the booming real state sector," he said

Chaudhary also said that the group was interested in acquiring shares of Nepal Bangladesh Bank and that it was planning to invest abroad to use is expertise gained in Nepal. nepalnews.com ag Nov 07 07