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Indian firm seeks 3 bn for Kathmandu-Tarai expressway

Gorkha Post

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KATHMANDU — Indian firm Infrastructure Leasing and Financial Services (IL&FS) has submitted a bill worth Rs3.17 billion spent for preparing a detailed project report (DPR) for the Kathmandu-Tarai Expressway in 2015.

The Indian consultant on Sunday, asked the Ministry of Physical Infrastructure and Transport to make payment for the costs incurred as the Nepal Army, the project developer refused to purchase the DPR, the Kathmandu Post reported.

According to report, Nepali Joint Secretary Ram Hari Pokhrel, said the letter from the Indian company has put us in a fix. He said they will have to go through the memorandum of understanding (MoU) signed with the Indian company.

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In July 2015, the Indian consortium had  submitted a report to the ministry regarding the construction of 76-km expressway connecting Kathmandu with the southern plains.

The then Sushil Koirala-led government was preparing to award the project to the Indian consortium. It was decided that an annual minimum revenue guarantee of Rs15 billion would be provided if the road toll failed to generate adequate profits.

The government had to scrap all the agreements reached because of this controversy and decided to construct it with domestic resources.

On May 4, 2017, the project’s responsibility was handed over to the army with the authority to purchase the DPR from the Indian company.

The Nepal Army, however, decided against purchasing the DPR saying that it was incomplete.

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Economy

NEPSE stabilises

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KATHMANDU- The Nepal Stock Exchange (Nepse) index has stabilised to some extent as compared to the first trading day on Sunday when it suffered a sharp dip.

The NEPSE index increased 0.9 points to close at 1131.73. Likewise, the sensitive index, which measures the performance of group ‘A’ stocks has also risen 0.06 points.

Over 2 million shares of a total of 156 companies were traded at more than Rs 637 million. Of the total 11 subgroups, four made gains, and the rest seven declined.

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Development bank surged 4.7 points, while non-life insurance 92.1 points, life-insurance 13.57 points and others 0.43 points.

But, banking dipped 0.27 points, while trade 1.18 points, hotel 2.04 points, hydropower 2.17 points, finance 1.82 points, production 9.21 points and microfinance 8.31 points.

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