Binod Chaudhary : The Detail About The Richest Man in Nepal
Binod Chaudhary
Binod Chaudhary is a well-known industrialist in Nepal. He is the owner of Chaudhary Group of Industries. He is also considered as one of the richest groups in the world. With a net worth of १ 1.7 billion in 2019, Chaudhary is the 1,349th richest person in the world.
In 1935, two years after the great earthquake of Bikram Samvat 1990, the Chaudhary family rented a shop in front of New Road, now a huge bazaar, for Rs. 200 per annum. Later, Arun opened Emporium in New Road to sell branded goods. Some of the imported goods from here also went to the palace. The Chaudhary family had entered industries such as steel and ghago factories by selling clothes and other items of famous international brands to the courtiers and the wealthy.
In the past, the customers of Chaudhary’s clothing shop were the members of the then royalty and court. During the Panchayat period, this connection with the palace became useful to get a license to open an industry. However, the nature of humor, not traditional, was not limited to Wai Wai. He started a new business. How many have succeeded, how many have failed. Not satisfied with the sale of radio and television, he started production by bringing spare parts.
He started selling CG brand televisions in Nepal two years ago. Basudev entered the entertainment industry by making films. The Chaudhary family was also involved in contract and export business. Kathmandu Trishuli Road, part of the Solty Hotel was built by the Chaudhary Group. After the country adopted economic liberalization policy, CG got involved in banks, hotels, finance companies, housing, hydropower, health, manufacturing and other industries.
These were all new areas at the time. CG also invested in industries including communications, beer and cigarettes. However, the plan did not succeed in these areas. Vinod always stays close to the power. During the Panchayat, the Chaudhary family was close to the king, the royal family. Binod was already close to Surya Bahadur Thapa, who has been the Prime Minister several times. Humor makes a quick connection with those who have power.
After the arrival of the multi-party, the Chaudhary family had lent money to UML leader and writer Modnath Prashrita. Even now, Binod has a close relationship with Deputy Prime Minister and Finance Minister Bharat Mohan Adhikari. Not only the center of political power, but also the experts related to humor, market experts and media persons are always in touch.
The right decision at the right time helped Vinod become a multinational investor. He went on to invest in the Gulf country of Dubai at a time when the real estate business was booming. Vinod managed to make good money there. He was out of business when the real estate business in Dubai slowed down. At the same time, he joined the Tata Group, India’s most prestigious business house. Started investing in Sri Lanka, Maldives in association with Taj Hotel Group.
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According to the website of the Sri Lanka Stock Exchange, the names of Vinod and his family members are mentioned in the five-star Taj Sri Lanka Resort operator. In the Maldives, a photo of the son of Tata Group Chairman Ratan Tata and Binod Chaudhary welcoming the President to his hotel was leaked to Nepali media two years ago. CG’s investment has expanded to Manhattan in New York, USA. Binod Chaudhary was also the first Nepali entrepreneur to feel the effects of the global economic downturn. As soon as the recession began, fellow MPs and the government were alerted.
The government has no contribution in making CG multinational. The government is completely silent on this issue. It means that the country will not be harmed by investing abroad at a high level of government. However, the law prohibits it. Nepalis have been investing abroad for a long time. Nepalis had opened industries and businesses in Tibet. Nepalis had bought shares of an Indian company seven decades ago. In some parts of India, Nepali cinema had homes and businesses.
There are about 40 companies in CG. After aggressively expanding investment abroad, CG still lacks modern management and institutional good governance. How much does YY make annual transactions, CG Television is profit or loss. CG has not made this public yet. CG has only made public that it has invested US 250 million in various sectors. In India, like Reliance or the Tata Group, CG lags behind in terms of connecting ordinary Nepalis with their company and economy. Shares of some CG companies have been sold to the public. However, the CG Group’s investment in the companies traded on these stock exchanges has not had any effect.
The stock market is also a barometer to measure the image of a company and an investor. The share market was affected three years ago when rumors surfaced that CG was buying shares of Nepal Bangladesh Bank. Many also get returns by giving shares to the general public. There are many ordinary people in India who run their household expenses by buying Reliance shares. Many have lost touch with Reliance just because of giving shares to the public. CG has ignored the stock market. Shares make many, not just a company and a family, rich.
