Billion-dollar CG Corp Global renews commitment to SL

• Managing Director Nirvana Chaudhary expresses optimism and confidence in future prospects of SL following strong people’s mandate to new President Anura Kumara Dissanayake-led Govt.
• Commits to expand existing investments in hospitality, financial services and e-mobility; eyes opportunities in renewable energy, real estate and cement

By Nisthar Cassim

 

Nepal’s multinational giant CG Corp Global this week renewed its commitment to Sri Lanka, reiterating it will further grow its investments in existing and new sectors.

CG Corp Global Group already has investments in Sri Lanka’s hospitality, financial services, and automobile sectors and its Managing Director Nirvana Chaudhary, who arrived in Colombo on Sunday, told the Daily FT that the Group is exploring opportunities in real estate, renewable energy, cement, as well as further expansion in the electric vehicle market. Among its longstanding investments are Taj Lanka Hotels PLC, Union Bank of Colombo PLC, and BYD Auto Lanka in partnership with diversified blue chip John Keells Holdings PLC. CG Corp Global also has investments in and joint ventures with Jetwing Symphony PLC and Ceylon Hotels Corporation PLC.



“We have been committed to Sri Lanka for over three decades despite the country having gone through multiple challenges. We have remained steadfast as a long-term investor and partner for the wellbeing of Sri Lanka and our resolve to continue remains intact,” Chaudhary emphasised. “With the National People’s Power Government, under the leadership of President Anura Kumara Dissanayake, receiving a strong mandate from the people of Sri Lanka, we remain optimistic and confident of the future prospects of Sri Lanka,” he added.

CG Corp Global Group’s recent investment is in the Union Bank of Colombo, in which it is the largest shareholder and Chaudhary is the Deputy Chairman. “We see strong growth prospects in financial services in Sri Lanka and will continue to explore opportunities to expand,” he said.

Since the entry of CG Corp Global Group, Union Bank has set its vision to make it Sri Lanka’s first digital bank. CG Corp Global also owns Nepal’s biggest private sector bank – Nabil Bank.

In August, Union Bank partnered with the University of Moratuwa and the National Innovation Agency to support the National Entrepreneurship Development Program (NEDP), aimed at empowering SMEs and youth aspiring to become entrepreneurs across Sri Lanka. This initiative – Union Bank School of Social Entrepreneurship (UBSSE) – aims to develop, support, and promote social entrepreneurs while providing essential access to finance.

Chaudhary also said CG Corp Global also believes in providing community service as a driver of progress and prosperity for people as its CSR and philanthropic arm Chaudhary Foundation celebrates its 30th anniversary this year, championing sustainable social reform.

In the automobile industry, CG Corp Global Group made a major foray by bringing in the world’s largest electric vehicle brand – BYD of China – in partnership with John Keells Holdings PLC. Chaudhary said the Group’s commitment to this sector is despite ongoing restrictions of imports but with the hope of relaxation and support to e-vehicles in Sri Lanka, thereby contributing to safeguarding the environment and reducing the fuel import bill.

Given its existing forte in Nepal, by partnering with global industry giants, CG Corp Global Group is also keen to explore opportunities in the cement manufacturing sector in Sri Lanka, as well as in renewable energy and real estate.

With interests in food and beverage, financial services, hospitality, cement, electronics, education, communications, automobile, and packaging, CG Corp Global is Nepal’s only multinational and the highest tax payer. It has over 20,000 employees worldwide with over 200 companies and over 260 brands.