NRNs in Russia raise Rs 320 millions for joint investment in Hydropower

Krishna Prasad Shrestha (Moscow): Non Residential Nepalese Association’s (NRN) Russia chapter raised Rs 320 million in the recently concluded meeting of International Coordination Council’s interaction on Joint investment in Nepal’s hydropower sector.

The meeting attended by Nepalese ambassador to Russia Dr. Ravi Mohan Sapkota, NRN-ICC Chairman Jiba Lamichhane, NRN founding president Updendra Mahato and NRN-ICC Russia’s chairman Utsav Amatya raised such an amount after the above mentioned speakers assured the participants that their investments will secured.

Envoy Sapkota claimed joint investments were more secure than individual and also assured the participants that their investment will be ruined only if the ice melts away from the Nepali Himalayas.

NRN-ICC President Lamichhane stressed on investment in hydroelectricity sector while assuring the participants that it was the most secure investment fields where the Nepalese government is providing special investment packages to the NRNs that included tax exemption for limited period of time and providing premium prices for the produced electricity.

He claimed that funds will raised through all 61 NRN-NCC’s across the world and will be jointly invested in the hydropower sector by forming a hydropower company in Nepal. He called on the participants to pledge investment ranging from one hundred thousand to one million to invest in a hydropower project that would produce 100 MW electricity.

While announcing his personal plans to invest 10 million rupees in the project he informed that additional 150 million rupees will be invested through institutions.

On the occasion, Upendra Mahato assured investors to buy all their shares if they wanted to sell their shares in the future. He also reiterated his pledge to investment an equal amount in the project to what all NRNs across the globe make

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