Skip to content
September 30, 2023
  • Facebook
  • Twitter
  • Linkedin
  • VK
  • Youtube
  • Instagram
The Times24

The Times24

Connect with Us

  • Facebook
  • Twitter
  • Linkedin
  • VK
  • Youtube
  • Instagram

Categories

  • Business
  • Business News
  • Education
  • Entertainment
  • Health
  • Lifestyle
  • National
  • Newsbeat
  • Press Release
  • Sports
  • Stories
  • Tech
  • Technology
  • World
Primary Menu
  • Business
  • Education
  • Entertainment
  • Lifestyle
  • Press Release
  • Technology
  • Home
  • 2022
  • December
  • 15
  • Nepalese billionaire Binod Chaudhary reinforces trust and confidence in Sri Lanka despite turbulence
  • Business

Nepalese billionaire Binod Chaudhary reinforces trust and confidence in Sri Lanka despite turbulence

dsprime December 15, 2022 3 min read

CM Mr. Binod Chaudhary

Subsidiary of CG Corp Global – CG Capital Partners Singapore to acquire 70.84% of Union Bank Colombo (UBC)

Acquisition is Chaudhary’s CG Corp Global’s debut into SL’s financial industry

New Delhi (India), December 15: Nepalese Forbes listed billionaire Binod Chaudhary announced the massive acquisition of majority shares in UBC (United Bank of Colombo), Srilanka. Chairman of CG Corp Global, the group makes its maiden foray into the financial services industry in Sri Lanka. The acquisition of 70.84% shares in UBC is via CG Capital Partners, a private equity company incorporated in Singapore under the umbrella of CG Corp Global. When the transaction was announced to the Colombo Stock Exchange on the 1st of December 2022, the Bank’s share gained 13.3% to close at LKR 8.50. UBC is among Sri Lanka’s twelve listed banks with a market capitalization of LKR 9.1 billion.

“At this moment, Sri Lanka is going through very tough times and struggling to mobilise foreign funds and investments even through the IMF,” confirms Chairman CG Corp Global & Nepal’s Top Industrialist Mr. Binod Chaudhary.  “Banks are under tremendous pressure as are the borrowers. And yet again despite all these economic setbacks, we have decided to take a plunge into Sri Lanka. We know it’s going to be tough, but that’s the extent of confidence and our deep-rooted close ties with Sri Lanka,” he said of his investment into the eighth largest listed bank in Sri Lanka.

 Chaudhary also asserted “As part of CG’s larger growth & magnification story globally, we are equally focused and passionate about growing in India continually. Strongly rooted in our strategic manufacturing footprints across the country, we believe in ‘India’s Growth Story’ & this is the right time to invest in a country which will soon command over 25% of the world’s consumer population. As the saying goes popularly – India is not a Country, It’s a World of its Own!”

 In India, CG Hospitality has been present for over two decades. CG has rapidly scaled and established a strong base of operations, since the mid-nineties. The group has ventured majorly into FMCG, CG Foods is the FMCG vertical of CG Corp Global and the owner of the phenomenally popular WAIWAI brand of Noodles. With manufacturing footprints across 7 distinct locations in India and a Mega Food Park in Rajasthan, CG believes in doing business with a purpose. Other verticals include Real Estate and Hospitality which flaunts a rich portfolio of 4 CG owned Taj Safari lodges and 78 managed hotels under The Fern, Zinc and Beacon brands with a whopping 4556 keys.

Chaudhary made a significant investment in 2001 in the iconic Taj Samudra Colombo through a joint venture with Indian Hotels Corporation Limited (IHCL), it was in the middle of Sri Lanka’s debilitating war.  While other investors were unwilling to consider any investment, Chaudhary saw opportunity in the war-torn country, a gesture appreciated not just by the government at the time, but the industry at large.  This investment was also Chaudhary’s first ever investment in the hospitality industry, which today has a partnership with IHCL across 11 properties in 06 countries.

Featured in the Forbes Billionaire’s Rich List since 2013, Mr. Chaudhary has a long-standing friendship with Sri Lanka.  The initial foray into Taj Samudra led Chaudhary to invest in twelve different properties in partnership with Jetwing Hotels Group and Ceylon Hotels Corporation. CG is also the largest shareholder in Nabil Bank, which is currently the largest bank in Nepal’s private sector, post its recent acquisition of Nepal Bangladesh Bank.

If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.

The post Nepalese billionaire Binod Chaudhary reinforces trust and confidence in Sri Lanka despite turbulence appeared first on City Lights.

Tags: Business

Continue Reading

Previous: India’s first online course to create Political Campaign Managers launched by School of Politics
Next: Clarity Communication bagged the ‘PR Agency of the Year’ Award at World Marketing Congress

Related Stories

A Curated Discovery Platform for Authentic Knowledge Exchange: Unveiling ‘GapUp’
2 min read
  • Business

A Curated Discovery Platform for Authentic Knowledge Exchange: Unveiling ‘GapUp’

September 29, 2023
Arjun Rampal Joins FunExch as Brand Ambassador, Pledging Responsible Gaming
2 min read
  • Business

Arjun Rampal Joins FunExch as Brand Ambassador, Pledging Responsible Gaming

September 27, 2023
Breaking the Mold: How Sanchar.xyz is Empowering India’s Growing Freelance Economy
3 min read
  • Business

Breaking the Mold: How Sanchar.xyz is Empowering India’s Growing Freelance Economy

September 26, 2023

Recent Posts

  • Veteran Actress Sana Sha Honored with Dadasaheb Phalke Television Award 2023 for Outstanding Contribution to Indian Television”  
  • A Curated Discovery Platform for Authentic Knowledge Exchange: Unveiling ‘GapUp’
  • Mumba Devi Temple Leaves No Stone Unturned For Devotees’ Comfort; Appreciates Donors’ Support
  • Best Health Experts in India Advice on Gynecologic & Blood Cancers
  • Piyush Goyal’s Power Surge: Sparks of Inspiration at India’s Biggest ‘Entrepreneurs Launchpad’ Program by Dr. Vivek Bindra

Recent Comments

No comments to show.

Archives

  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • March 2022
  • February 2022
  • July 2018

Categories

  • Business
  • Business News
  • Education
  • Entertainment
  • Health
  • Lifestyle
  • National
  • Newsbeat
  • Press Release
  • Sports
  • Stories
  • Tech
  • Technology
  • World

Trending News

Veteran Actress Sana Sha Honored with Dadasaheb Phalke Television Award 2023 for Outstanding Contribution to Indian Television”   1

Veteran Actress Sana Sha Honored with Dadasaheb Phalke Television Award 2023 for Outstanding Contribution to Indian Television”  

September 29, 2023
A Curated Discovery Platform for Authentic Knowledge Exchange: Unveiling ‘GapUp’ 2

A Curated Discovery Platform for Authentic Knowledge Exchange: Unveiling ‘GapUp’

September 29, 2023
Mumba Devi Temple Leaves No Stone Unturned For Devotees’ Comfort; Appreciates Donors’ Support 3

Mumba Devi Temple Leaves No Stone Unturned For Devotees’ Comfort; Appreciates Donors’ Support

September 29, 2023
Best Health Experts in India Advice on Gynecologic & Blood Cancers 4

Best Health Experts in India Advice on Gynecologic & Blood Cancers

September 29, 2023
Piyush Goyal’s Power Surge: Sparks of Inspiration at India’s Biggest ‘Entrepreneurs Launchpad’ Program by Dr. Vivek Bindra 5

Piyush Goyal’s Power Surge: Sparks of Inspiration at India’s Biggest ‘Entrepreneurs Launchpad’ Program by Dr. Vivek Bindra

September 29, 2023
Vedanta Aluminium and OSPCB Jharsuguda raise awareness on Ozone Layer conservation 6

Vedanta Aluminium and OSPCB Jharsuguda raise awareness on Ozone Layer conservation

September 29, 2023
Unacademy Launches UNSAT 2023 to Give Your Medical & Engineering Dreams the Right Start 7

Unacademy Launches UNSAT 2023 to Give Your Medical & Engineering Dreams the Right Start

September 29, 2023

Tags

Ahmedabad Ajmal Perfumes Asheesh Pandey Ashok Prasad Abhishek Azadi ka Amrit Mahotsav Bangalore Bank of Maharashtra Bollywood Business Collegepond cricket Dinesh Pandya Education Entertainment Greenman Viral Desai Health Independence Day Kingston Technology LIBERTY SHOES lifestyle Manoj Patodia Mantis Dubai Munaf Patel Music national Newsbeat Patel Packaging pr Prime Fashion Week Rubaru Mr. India Saubhagyaa R Swain Saurav Bhattacharya Science SkyExch.net sports Star Housing Finance Limited Surat Talentrack Awards technology TEXPROCIL The Quests of William Wood Vincitore Group Viral Desai World Yaar Mera Titliaan Warga

Connect with Us

  • Facebook
  • Twitter
  • Linkedin
  • VK
  • Youtube
  • Instagram

Categories

  • Business (2,976)
  • Business News (619)
  • Education (178)
  • Entertainment (413)
  • Health (33)
  • Lifestyle (415)
  • National (184)
  • Newsbeat (5)
  • Press Release (1,868)
  • Sports (42)
  • Stories (2)
  • Tech (1)
  • Technology (21)
  • World (6)

You may have missed

Veteran Actress Sana Sha Honored with Dadasaheb Phalke Television Award 2023 for Outstanding Contribution to Indian Television”  
2 min read
  • Press Release

Veteran Actress Sana Sha Honored with Dadasaheb Phalke Television Award 2023 for Outstanding Contribution to Indian Television”  

September 29, 2023
A Curated Discovery Platform for Authentic Knowledge Exchange: Unveiling ‘GapUp’
2 min read
  • Business

A Curated Discovery Platform for Authentic Knowledge Exchange: Unveiling ‘GapUp’

September 29, 2023
Mumba Devi Temple Leaves No Stone Unturned For Devotees’ Comfort; Appreciates Donors’ Support
2 min read
  • Press Release

Mumba Devi Temple Leaves No Stone Unturned For Devotees’ Comfort; Appreciates Donors’ Support

September 29, 2023
Best Health Experts in India Advice on Gynecologic & Blood Cancers
7 min read
  • Health

Best Health Experts in India Advice on Gynecologic & Blood Cancers

September 29, 2023
  • Business
  • Education
  • Entertainment
  • Lifestyle
  • Press Release
  • Technology
  • Facebook
  • Twitter
  • Linkedin
  • VK
  • Youtube
  • Instagram
Copyright © All rights reserved. | MoreNews by AF themes.