March 25: Steel industries of Nepal received investment of Rs 759.5 million in eight months of the current fiscal year. Altogether four new steel industries and other industries manufacturing complementary products of steels have been registered during this period.

Among the four industries, one of the industries will be set up with Chinese investment while three will operate with domestic investment, said officials at the Department of Industry. According to the department, the steel industries will be set up in Kapilvastu, Nawalparasi, Bara and Dhading.

Nepali investors will be investing Rs 247.5 million for Kamakhya Steel Pvt Ltd in Kapilvastu and Rs 247 million for Tain Steel in Nawalparasi. Likewise, Devikripa Hardware Pvt Ltd will be established in Bara with joint investment (50 /50 percent investment) of both foreign and domestic investors. Similarly, Chong Wang Steel Company will be opened in Dhading with Chinese investment.

According to the department, altogether 33 industries have been registered since mid-March, 1992 till mid-January, 2019. The industries have been manufacturing TMT steel rods, steel wires, steel furniture, steel pipe, tubes, water tanks, knot bolts among other steel related materials.

Altogether 439 people will get employment once the industries come into operation. The department informed that Kamakhya Steel Pvt alone can generate employment opportunity for 140 people. Likewise, Tain Steel will offer jobs to 200 people. Similarly, Chong Wang Steel Company will provide employment opportunity to 80 people.