A Malaysian entrepreneur big into the security business locally is now looking at venturing into the hydropower sector in Nepal.
Manjit Singh, who marshals some 400 Nepali security guards in Malaysia, is seeking approvals from the Nepal authorities to construct a 300 MW hydropower project in Jumla.
“We are talking to some partners in China and Europe who are willing to come in as strategic partners and JV partners,” Manjit told Asia Samachar in an interview in Kuala Lumpur.
The Jawa Jumla hydropower project is being spearheaded by Ludhiana Holdings Sdn Bhd, a Malaysian renewable energy company, that Manjit helms as its managing director.
Ludhiana Holdings, through its Nepali-domiciled company Ludhiana Holdings Pvt Ltd, is working with the Ministry of Energy Nepal and Nepal Electricity Authority (NEA).
Jumla, located in the Karnali region and about 350km northeast of Kathmandu, is said to be one of the poorest and most remote regions of the country.
Over the next five years, Ludhiana Holdings plans to arrange investments of more than USD$400 million in the form of private equity and bank financing for undertaking a couple of hydropower projects in Nepal.
“We’re backed by private investors. Some funds are also expected from China, and some via bank loans,” he said.
He said the company is in discussions with some China parties that have looked at the potential of hydro projects in China and would tap their expertise and experience in construction.
Earlier this month, Ludhina Holdings had opened a one-stop Resource Centre for Hydropower Development in Bansbari, Kathmandu.
The resource centre will assist Malaysian companies to venture and invest in Nepal’s hydropower sector, the company said in the media statement dated 11 December 2017, a copy of which was made available to Asia Samachar.
Manjit said there was tremendous potential in developing the hydropower sector in Nepal and his company was leading the way for Malaysian companies.
“This resource centre will provide all forms of assistance to Malaysian companies who are interested in coming to develop hydropower in Nepal,” said Manjit in the statement.
“All the necessary information will be available at our resource centre and this will make the process easier for Malaysian companies and investors.
“We will work closely with the relevant authorities in Nepal to ensure that Malaysian companies start investing more in developing hydropower sector here.”
The resource centre is located opposite to Wellness Hospital.
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