About a month ago, 37-year-old Akshay Golyan was elected as the chairman of the Golyan Group, a prestigious business house in Nepal with a history spanning six and a half decades. The business journey started by his grandfather Sohanlal Golyan has reached the third generation Akshay through his father Pawan Golyan.

Akshay had been serving as the Managing Director for 9 years. The Golyan Group, which has a turnover of more than half a billion and a business network in more than 60 countries, has about 10,000 employees. The group has investments in two dozen business sectors, from export-oriented businesses to renewable energy, hydro to hospitality, agriculture to real estate. How will Akshay, who holds a master's degree in business studies from the University of Isad in Spain, take the Golyan Group forward? What is the impact of the generational transition in the Golyan Group on Nepal's private sector and society as a whole? Focusing on these various issues, here is the summary of the conversation with Kantipur Daily's Yagya Banjade :

How did you feel when you were elected the chairman of the Golyan Group, a business house with 10,000 employees and a turnover of more than half a billion at the age of 37? How do you plan to shoulder this responsibility? 

This responsibility is a big one for me. My father Pawan Golyan, my grandfather and many family members are on the board of directors of the Golyan Group. They trusted me and gave me this responsibility. I had been holding the position of Managing Director for 9 years. At the same time, they gave me the responsibility of Chairman after considering my hard work, working style, professional vision and other aspects.

In our family, the older generation including my father and grandfather have been guiding me and my siblings well. That is why we have been able to understand and learn a lot about the business. Currently, there are about 10,000 employees working in our group's business. The responsibility of developing and expanding the business at a rapid pace by joining hands with them has fallen on my shoulders. I am ready for this from all sides. 

In connection with the background of the changes brought about by the Gen-G uprising of 23-24 Bhadau, there has been a change in leadership with a generational change in the Golyan Group. Is this a coincidence or was it a pre-planned move? 

This is just a coincidence. For a year or two, the Golyan Group had been preparing to bring youth into the leadership. It was waiting for the right time and maturity for that. Because Golyan Group always wants to move forward in innovation and new styles. It must have decided to do so because it saw that it would be possible to do so quickly from the young generation.

The Gen-G rebellion took place on 23-24 Bhadra. After that, the country also demanded the young generation in policymaking, which Golyan Group had wanted for a long time. By making me the chairman, Golyan Group also wanted to send a message to the private sector that we are also ready for change in society. 

Before becoming the chairman, you had worked as the managing director of the group for 9 years. What difference did you find in the responsibilities of the managing director and the chairman? 

The responsibilities of the managing director and the chairman are different. The managing director is more busy with running the daily business. He/She ‘supervises’ everything. But the role of the chairman is strategic. Where are we going, which issues should be prioritized, is seen. 

How much money has Golyan Group invested in which sectors and industries? In terms of investment, which sector and business is this group's priority? Are you expanding your investment in any new sector right now?

This group currently has investments in two dozen business sectors, from export-oriented products to renewable energy, hydro to hospitality, agriculture to real estate. Our business network has spread to more than half a trillion rupees and more than 50 countries. We also plan to expand our business abroad, including Nepal. We have a yarn industry. We are exporting that product. We also have investments in energy. Currently, the private sector is not allowed to export energy.

However, within two to four years, there will definitely be a system in place for the private sector to export energy. Currently, we are also exporting textiles. We are competing in the global market through Nepali products. Even though we are a Nepali company, there is no compulsion to be limited to Nepal.

Our products have reached around 50 countries around the world. Our main objective is to increase this number further. We are exporting products (water) under the Mato brand to India. Its quality is seen to be number one in the world. This is why there is a lot of demand. But we are not able to export in large quantities. There is a plan to increase the volume of water exports. 

Golyan Group alone contributes seven to eight percent to the total export from Nepal. This is a matter of pride for us. We also have investments in hospitality. There is a possibility of bringing more tourists to Nepal. However, we are not able to utilize that opportunity. Many hotels have opened in the Kathmandu Valley.

Now our priority is outside the valley. Our hotel is under construction in Lumbini. After that, we plan to open a hotel in Janakpur. We are studying whether a 'wildlife resort' can be operated in western Nepal. Mainly, energy, agriculture, export-oriented industries and hospitality are the four priority areas of our investment.

The private sector in Nepal has been saying that there is no investment-friendly environment, but you have put forward a plan for rapid business expansion, right? 

Nepal is still in the list of least developed countries. It is said that it will be upgraded to a developing country in 2026. But for us, Nepal is an emerging market. If we look at the past, whenever there is major political instability, movement or incident in Nepal, there has been high economic growth.

Therefore, there is definitely risk. However, there are also more opportunities than risks. Political instability may be difficult for foreign investors. But it is easy for us. Because why is there a movement? Who is the agitating group? We know what their demands are.

Not all foreign investors know that. Therefore, there is a risk for them when investing here. But we do not get an exemption from the risk. Our entire family is here. How can we solve problems? We have to deal with difficulties. Nepal is our home.

We have been doing business in Nepal for 60/70 years because of the opportunity. I have also been closely observing Nepal's business for the last 20 years. From my experience, I have seen that whenever the country is unstable, the investment potential and returns are also good. Not only me, but also our board of directors, employees and everyone are clear - Nepal is our home. It is also our responsibility to improve this.

In Nepal, instead of encouraging someone to become rich or earn money through their wealth, they are terrorized with the comments of fraudsters or criminals. How do you see this? 

The important aspect is that everything should be transparent. The main demand of the Gen-G movement is also the end of corruption, good governance, and transparency. The private sector is also not working in a hidden way. I proudly say that everything is 100% transparent in our company. Our company is directly connected to 10,000 families in terms of employment.

If the company earns good profits, the income of our employees and their families increases. Through their families, society and through society, the nation's economy grows. When this happens, the government gets revenue. Investment in the economy increases, along with production and exports, employment opportunities also increase. Therefore, society should be able to respect, not hate, the wealth or economic growth earned by the private sector. 

Some private sector businesses have been damaged in the Gen-G uprising. When those industries and businesses were closed for a few days due to the damage, the employees working there and their families were very distressed. This also confirms how much the private sector contributes to the society and the overall economy. What are the problems and challenges faced by the private sector in Nepal?

There are many administrative hassles in doing business here. For example, to make a hydropower project, approvals must be obtained from various ministries. All ministries have their own processes. For that, many steps have to be passed. Let's say, we have to obtain approval for a hydropower company.

It takes at least three years to complete all the processes and start construction. How many governments change during that period? Employees are transferred. In this case, it may take four to five years to start construction work. If we can improve this and make arrangements to do all the work from one place, a lot of work can be done in four to five years. Time is money for investors. 

Another big problem is policy instability. The government announces many policies and programs through the annual budget. After it is published in the gazette, industrialists and businessmen make business plans based on policy opportunities. Within a few months, another government comes, a new finance minister comes and completely changes the previous policy. In such a situation, what should industrialists and businessmen do? What should investors do? Therefore, along with political stability, policy stability is also very necessary in Nepal. Policy changes are not made with the change of government every 6 months. 

Therefore, the government should bring a policy that will remain stable for at least five to 10 years. The private sector has not asked for tax exemptions or facilities. Whatever policy is brought, it will not change for at least five to 10 years. 

Despite a lot of controversy, Reliance Spinning Mills has already distributed IPO to the public. The public has shown great interest in the company's IPO, how do you view it? What are the plans for giving returns to shareholders?

Reliance is a company that has been operating for 25/30 years. The company is continuously profitable. The financial condition is also very good. The general public invested in the IPO by looking at all aspects of the company. The demand for applications was many times higher than the IPO call of this company. I do not see the public's love or trust in the company for so many applications.

They invested in a good company because they saw an investment opportunity. It is not possible to say right now how much dividend the investor will get. Because this is a matter to be decided based on the decision of the board of directors. The money from the IPO is not used to repay any loans or for any other purpose, it is to be invested in the company. That is why we make the company stronger. 

During the issuance of Reliance's IPO, there were sometimes court cases and sometimes instructions from regulatory bodies to stop the process. The Securities and Exchange Board of Nepal is still investigating under the direction of the Ministry of Finance, saying that there were irregularities in the determination of Reliance's 'cut-off price'. Why did this situation come about?

Some controversy was also created regarding the issue of share pricing of the IPO. However, the pricing process is transparent. The price was not determined by the company. The share price was determined through the 'Book Building Guidelines' issued by the Nepal Securities and Exchange Board of Nepal. Through this method, qualified founding investors are selected while determining the price of shares.

Initially, shares are sold to those institutional investors. The price is set for the general public by reducing the average price purchased by those investors by 10 percent. Therefore, the company has no hand in the pricing process. However, an investigation was conducted on this matter a year and a half ago. A case was filed in court. All the cases that have been filed have now been decided in our favor. This is why the Securities and Exchange Board of Nepal directed to proceed with the IPO process that was stopped a month and a half ago. Accordingly, the IPO distribution has also been completed.

The number of youth leaving Nepal every year is increasing, saying that there is nothing in Nepal. You are returning home after studying abroad and leading your ancestral business, what would you say to the youth?

I have not considered returning home a big deal. I have worked here for 10 years. Young friends and brothers and sisters take my example. When we live abroad, we are like small fish in a big lake. But in Nepal, we can work with dignity in our own country. There are more opportunities in Nepal than abroad.

मिहिनेत गरेर काम गर्ने हो भने देशबाहिर १५ वर्ष २० वर्ष कमाउने पैसा सम्पत्ति नेपालमा दुई वर्ष तीन वर्षमै आर्जन गर्न सकिन्छ । बाहिर देशमा काम गरेर हामी अरूको अर्थतन्त्रमा योगदान गरिरहेका छौं । त्यही काम आफ्नो देशमा गर्दा समाज र राष्ट्रकै लागि योगदान गर्न सकिन्छ । मेरा लागि नेपालमा काम गर्दा प्राप्त हुने सन्तुष्टि स्वर्ग हो ।