KATHMANDU: The Nepal Rastra Bank (NRB) has given approval to Hong Kong Redline to invest in Dang Cement.
Hong Kong Redline, which also has investment in the Chinese cement giant Hongshi, will be investing Rs 15 billion in Dang Cement following approval from the central bank.
Hongshi had applied for the approval of investment in the Dang Cement. Hongshi had bought the Dang Cement from Ambuja Group of India stating to produce 6000 ton of cement on daily basis.
Hongshi had bought 85 percent share of Dang Cement from Ambuja group at 700 million. The remaining stake of 15 percent was bought by Shivam Cement promoter Vishwanath Goyal and Vijay Dugar, Director of Hukum Pharmaceuticals.