CG Corp Global bets big on SL’s recovery and growth

• CG Corp Global Managing Director Nirvana Chaudhary pledges long-term commitment to island nation
• Says  invested in Sri Lanka when no sane investor would have
• Shares conglomerate is exploring opportunities in real estate and building materials sector, particularly cement

By Shabiya Ali Ahlam

Chaudhary Group (CG) Corp Global, a Nepal-based multinational conglomerate, reaffirmed its commitment to Sri Lanka yesterday, pledging to remain invested in the long term while identifying opportunities to expand further.

CG Corp Global Managing Director Nirvana Chaudhary said the group is more determined than ever to contribute to Sri Lanka’s growth story, seeing it as a win-win for all stakeholders involved. The multinational conglomerate is valued at over US $ 3 billion, with 136 companies and 76 brands in 30 countries.

“In our group’s history, we have never exited any partnerships. We have only grown and reinvested in businesses. We have not taken a single penny out of Sri Lanka. We’ve kept reinvesting and that’s exactly what we plan to continue doing here. We see immense opportunities ahead,” Chaudhary said, describing Sri Lanka as a “second home”, in an interview with Mirror Business in Colombo.

Looking back on the group’s journey in Sri Lanka, Chaudhary highlighted the bold decisions to invest during some of the country’s most difficult periods, including the civil war and recent economic crisis.

“We invested in Sri Lanka when no sane investor would have, considering the economic indicators at the time. But as a family of entrepreneurs, we rely on our gut instincts and our faith in the people of Sri Lanka. Their hope and vision inspire us,” he said.

The tourism sector has been a key focus for CG Corp Global, despite the industry’s struggles in recent years. 

“For us, Sri Lanka has always been an emotional investment more than a financial one. We are proud to have stood by the country during its toughest times,” Chaudhary said.

During the COVID-19 pandemic and economic downturn, the group partnered with John Keells Holdings, among other partnerships, to launch BYD. Now, CG Corp Global is exploring opportunities in the real estate and building materials sector, particularly cement.

“As time went on, we have looked at different sectors to invest in. It has been challenging but we didn’t lose hope. Even during the economic recession, when confidence in the Sri Lankan economy was low, we took a majority stake in Union Bank,” Chaudhary shared.

Having acquired Union Bank a little over a year ago, Chaudhary said the institution is on track to “efficiently and effectively” support Sri Lankan businesses in reaching the next level.

Despite being one of the smaller players in the competitive banking sector, he expressed confidence in Union Bank’s potential. 

“We are the number one bank in Nepal. There’s no reason why we can’t achieve that in Sri Lanka as well.”

Union Bank has emerged as one of the fastest-growing banks in Sri Lanka over the past year. Once known for being conservative, the bank is now expanding its horizons and embracing innovation.

“We have full confidence that this bank, led entirely by Sri Lankans, will bring in the best technologies and practices,” Chaudhary said.

Furthermore, Chaudhary expressed optimism about Sri Lanka’s prospects under its newly elected government.

“We believe this is an opportunity for us to further expand into new sectors. Sri Lanka is poised for a turnaround and we’re excited to be part of it,” he said.