Kathmandu, April 29: Australian investment has been brought in for opening a luxurious resort in the vicinity of the Rara Lake area of Mugu. 

An agreement for investment in the resort was reached with the Expert Group of Australia on the second day of the Third Investment Summit today. The Summit kicked off on Sunday.     

A MoU for the investment collaboration was signed by Badri Aryal and Sanjeev Sharma on behalf of the Expert Group and by Abhisek Bikram Shah on behalf of Rara Holdings Resort Pvt Ltd.     

The resort to be constructed on 80 ropanis area at Murmatop of Chhayanath Rara Municipality-9, Mugu district, will have an investment of approximately Rs 700 million in the first phase and around Rs 400 million in the second phase, Shah said.     

According to him, the target is to construct the resort within one and a half years. The detailed project report for the same has also been developed. The resort will be constructed using the local resources and reflecting the local culture, he added. (RSS)