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Article: Premier Indian steel group to pull out of Nepal
- Article from:
- The Hindustan Times
- Article date:
- March 13, 2007
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Kathmandu, March 13 -- One of India's prime steel manufacturers, the Rs.60 billion Bhushan group, has decided to pull out of Nepal because of the prevailing political, power and labour problems.
"We don't need the tension," Roshit Unnithan, general manager of Aarti Strips Private Ltd, the group's venture in Nepal, told IANS. "We can do better business in India."
Begun in 2001 with an initial investment of about Rs.200 million, Aarti Strips today has a paid up capital of about Rs.2.5 billion and provides employment to nearly 300 people.
"We pay the Nepal government a revenue of Rs.200-250 million every year and bring in about Rs.5 billion by way of export at a time Nepal is facing an acute ...