Sri Lanka, July 30 -- CG Cement of Nepal owned by Nepal's first billionaire listed as by Forbes, Binod Chaudhary will invest US$ 150 million to set up a cement plant in Sri Lanka.

In an interview with 'Daily News' at Taj Samudra Colombo he said that this plant would be set up in Mannar and they will use local material to produce cement. "I have got the green light from the government and we have already identified several limestone deposits in the province to make cement locally," he said.

"Currently Sri Lanka imports around US$ 350 worth of cement and clinker and I want to help stop this Forex drain. What I plan is to re export not only cement but clinker as well and reverse the trend. CG Cement launched 10 years ago is one of the lead...