In 1972, Madhav Raj Sumargi took a borrowing from Nepal Bank Limited to start his own business. He invested that loan in mining, transportation and timber. Later, he established Hetauda Lime Industry in 2029 BS. However, he died at an early age in 2032 BS. After the demise of Madhav Raj Sumargi, the family had a negative net worth of Rs 1.1 million. After his demise, the lime factory closed down for three years due to financial constraints. After Madhav’s death, his spouse took over the business but it did not function as usual and was then taken over by Ajeya and Arun Sumargi once they were ready to lead the business. As lime was elemental to leather tanning industries, the demand for lime started rising. As it happened, industry owners approached the Sumargi family to resume the operation of Hetauda Lime Industry. Hetauda Lime Industry can be regarded as a key milestone and a game-changer for the Sumargi family whose venture into mining industry is considered amongst the first.
In the early 2000, Ajeya Raj Sumargi was amongst a group of investors in Spice Nepal Pvt Ltd, the stakes of which were later sold. Investment in Spice Nepal that introduced ‘Mero Mobile’ has been a key highlight amongst the several ventures of the business group. In 2004, the Sumargi family ventured into the business of producing mineral water with Himalayan Natural Spring Water Company Pvt Ltd. In 2005, it registered Nepal Satellite Telecom Pvt Ltd to become a telecom operator. In 2006, the family registered Muktishree Pvt Ltd as a parent company with the view of investing in the telecommunication sector but later switched to the idea of bringing its entire investments under the parent company and make investments in other various business activities. Since then, Muktishree Pvt Ltd has established various subsidiary companies in the fields of telecom, energy and cement industry. Nepal Satellite Telecom Pvt Ltd started its operation in 2009 with the brand name ‘Hello Nepal’. Another telecom company Muktishree Telecom was established in 2009. Lately, Muktishree has established Inco Panel, a construction material industry that was introduced post-2015 earthquake. Muktishree also has strong presence in the media sector with Bindabashini Media Pvt Ltd and Radio Thaha Sanchaar. Muktishree also has subsidiary companies such as Muktishree Energy Pvt Ltd and Muktishree Cement Industries. Mining business is still a major strength of the group.
- Estimated annual turnover is Rs 4 billion
Key Revenue Generator
- Mineral industries including Hetauda
- Lime Industry
- Cold storage
- Himalaya Spring Water
- Inco Panel Industries Pvt Ltd
- 700 people