In 1972, Indra Bhakta Shrestha started importing fabrics and other consumer products from Japan and Korea. In the same year, he started Nepal Enterprises (NE) with the help of his son Ravi Bhakta Shrestha to give momentum to his trading activities. Gradually, he expanded his business into the manufacturing sector. In 2039 BS, the group established a garment factory, Nepal Synthetic Industry, at Hetauda with an investment of Rs 30 million. Likewise, Everest Iron and Steel Industry was established in Biratnagar which closed down later.
Today, NE Group is a prominent business house in Nepal. Unilever Nepal Limited(UNL), the largest FMCG manufacturer in Nepal, established in 1993 as the subsidiary of Hindustan Unilever Limited is one of NE’s key portfolios. The investment in Unilever Nepal was made through an investment company, Sibkrim Land and Industrial Company which was established in 1991. The entity was formed with a view to invest in real estate and various industries. It also has invested in the Soaltee Hotel Limited as well. In 1996, the group established the National Soap Industries, and the National Herbal and Pharmaceutical Industries in 2006. National Soap has also been working as an ancillary industry of UNL. The group further expanded its manufacturing arm by establishing National Ice Cream Industries in 2009.
In 2008, the group entered into the health sector withLife Care Services followed by Super Religare Reference Labs in 2010. The group has a strong shareholding in Himalayan Bank and is also a promoter of United Insurance. NE Group partnered with CG Group to buy a 60 percent stake in Summit Hotel through an investment vehicle registered as R&R Heritage. It has another investment vehicle named R&R Hotels and Resorts which plans to operate a four-star hotel in Kathmandu by 2018.
NE Group is still engaged in trading through a number of firms that were established over the decades. For instance, Agricon Trade Concern which was established in 1990 is active in general trading and the fertiliser business while Nepal Kirana Center is a distribution firm dealing with consumer products such as Nestle.