A board meeting of Nepal Purbadhar Bikas Company Limited (NPBCL) has decided some of the board members will increase investment and act proactively to generate domestic and foreign resources to build the Kathmandu-Hetauda Tunnel Highway.

NPBCL, which had signed the final (concession) agreement with the government in May 2013, has failed to take concrete steps towards developing the project and generate resources.

Given this context, a group of dissatisfied investors led by former board member Raju Man Maharjan protested for the last month, leading to the resignation of its founding chairman Kush Kumar Joshi. On Thursday, another board member Bhawan Bhatta was named the chairman.

According to Jay Ram Lamichhane, a board member, the meeting decided Bhatta would make additional investment of Rs100 million. Bhatta’s company TBI Holding has so far invested Rs100 million has committed to invest Rs1 billion in total.   

Lal Krishna KC, vice-chairman and technical director, would also invest Rs10 million and work as promoter board member.

Former chairman Joshi, who has invested Rs10 million at, will convert his investment into shares, according to Lamichhane.

The meeting also appointed Nabin Kadel as a new board member and named Sanat Neupane as managing director and spokesperson.

Lamichhane said they would make efforts to generate necessary resources within the country and outside.

“We target to generate 50 percent of the resources from within the country.

The government is likely to be an important shareholder.” he said.

The company has generated just Rs313 million against the total expected project cost of Rs35 billion.