Green Invest launches investment service

Investment banking and business advisory service is set to make massive headway in Nepal. Green Invest Limited (GIL), a newly-formed financial services firm, on Sunday announced the launch of its investment banking and business advisory service. Promoted by leading business houses, GIL has an authorized capital of Rs. 350 million. Among GIL's 32 shareholders are Nimbus Group, Golchha Group, Wlink, ICTC, Smart Choice Technologies and others. GIL has a seven-member board with Jagadish Prasad Agrawal as chairman. The other members of the board are Dileep Agrawal, Hemant Golchha, Ravi Chandra Singh, Suresh Lal Shrestha, Kailash Chandra Goyal and Gun Chandra Bista. 

According to its promoters, GIL has been formed with the objective of providing a range of financial services in the market. Initially, it will start services in project financing, merger and acquisition, corporate restructuring, business advisory services and facilitating strategic tie-ups. GIL will also seek to facilitate investment in Nepal by Indian and other international investors. "Despite having a comparatively better FDI regulation, Nepal hasn't been able to sell it," said GIL chairman Agrawal. "The company will work for investment promotion."

With this in mind, it is planning to come up with an equity fund of Rs. 5 billion through foreign direct investment. Setting up mutual fund, getting into housing and consumer finance and pension fund are among GIL's future plans. GIL has technical collaboration with Ernst & Young for this venture. "We bring the advantage of our established global experience and understanding of business trends," said Sunil Chandiramani of Ernst & Young India. GIL will venture into other financial services over a period of 12-24 months, said its promoters. "There will be a few investment opportunities in the offing," said one promoter. Agrawal said that GIL has plans to go public. Once it goes public, its authorized capital will be increased to Rs. 500 million, according to one promoter.

Source:
ekantipur