K&R Engineering of India agreed to build a cable car in Muktinath

KATHMANDU, Oct 05:The Muktinath cable car project will be conducted in collaboration with India's K&R Rail Engineering. Muktinath Darshan Pvt Ltd has signed an initial memorandum of understanding with engineering company situated in Hyderabad.

The company will accept the project's EPC contract as well as the agreement to have the project approved by the Board of Investment. Likewise, project financing will be made in non-convertible currencies. It has been two years since the project's thorough project report study was finished.

Similarly, the environmental impact assessment is nearing completion. 90% of the project's land has already been purchased. After arranging the necessary amount in the form of a loan from EPCF, the project's financial resources are nearly complete.

In the project, the impacted areas will bear 2% of the cost through restricted shares, while 7 percent of the shares will be given to the general public and the remaining 11% would be promoter shares. This project is anticipated to cost 55 billion. After the company completes the remaining administrative and legal processes to build the project, a comprehensive contract will be signed with the said company based on the current pricing position.

According to the company is the project will be completed in 48 months from the date of the foundation stone laying. The memorandum of understanding was signed on behalf of the company by Sridhar Sapkota, Managing Director, and on behalf of the contractor by Kuru Pravir Kalra, President of Engineering.