Nepal’s CG Cement has announced plans to invest US$150m to set up a new plant in Mannar, Sri Lanka. According to Binod Chaudhary, owner of the company, it has already received approval for the project.

"I have got the green light from the government and we have already identified several limestone deposits in the province to make cement locally," said Mr Chaudhary. "Currently Sri Lanka imports around US$350m worth of cement and clinker and I want to help stop this Forex drain."

CG Cement reportedly holds a 10 per cent market share in Nepal.