Laxmi Bank, HISEF merge

KATHMANDU: Nepal Rastra Bank (NRB) has approved the merger between Laxmi Bank Ltd (LBL), a commercial bank headquartered in Birgunj, and HISEF Finance Ltd, a decade-old first generation finance company. The merged entity will operate as Laxmi Bank Ltd and will have a paid up capital of Rs 610 million. As a result of the merger, Laxmi Bank also becomes the owner of 40 per cent of the prime corporate building at Hattisaar that belonged to HISEF. All existing employees of HISEF have been absorbed in the Laxmi Bank. These two companies have been merged to bring about business synergies, economies of scale and also to comply with regulatory capital requirement, states the release. — HNS

Jute traders concerned

BIRATNAGAR: Jute entrepreneurs in Biratnagar have become concerned after learning of a possible decision of the Indian authorities to levy anti-dumping duty on jute products exported from Nepal. Though the decision to impose the duty on jute products has not yet been made, news reports of its possibility has appeared in many Indian newspapers. Ninety-five per cent of the jute products produced from Nepal is consumed in India and the levying of the duty would close down all the jute industries in the country, says Raj Kumar Golcha, a jute entrepreneur. — HNS

Budget blues for irrigation

BIRGUNJ: Insufficient budget has marred the majority of irrigation projects run in Parsa district. Of the total 54,732 hectare arable land in the district, irrigation facility is available in only for 26,060 hectares. Although there are 25 irrigation projects and dozens of traditionally constructed canals in the district, majority of them have been useless due to various reasons. — RSS

AG leaves for Denmark

KATHMANDU: A two-member delegation, led by Gehendra Nath Adhikari, auditor general left Kathmandu for Denmark on Tuesday to take part in the 6th meeting of International Organisation of Auditing Institutions (INTOSAI). It is scheduled for April 22-24. Nepal has been regularly participating in the meetings of the organisation. — RSS

Cheese production begins

RASUWA: Production of yak cheese has begun in Chandanbari VDC of Rasuwa district. Established 32 years ago, the cheese procession centre at Chandanbari, has the target of producing 22,000 kg of cheese every year. The cheese processing has begun and this will help improve the economic condition of the local milk producing farmers. — RSS

Reliance collects Rs 4.15b

NEW DELHI: Reliance Mutual Fund, a biggest Indian fund, through its diversified power sector fund IPO earlier this month has collected over Rs 4.15 billion Indian Currency (IC), with over 65,000 applications being received during the 18 days offer. The Reliance Diversified Power Sector Fund IPO, an open-ended power sector scheme of the Reliance Capital Asset Management Limited (RCAM), India, invests in equity or fixed income securities of power and other associated companies to tap the growth potential of the sector. — HNS