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Market Data for Private Sector Investments in Agriculture in Nepal

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Market Data for Private Sector Investments in Agriculture in Nepal A Report on Market Data for Private Sector Investments in Nepal Agriculture Sector Prepared By With the support of DFID Nepal In partnership with Sept, 2014 [email protected] www.dolmafund.org ACKNOWLEDGEMENTS This report is an effort of Dolma Development Fund (DDF) to analyse market data and trends across six sectors in Nepal in order to identify attractive investment opportunities for private equity and venture capital investors. We wish to thank all the private enterprises and government agencies who gave us their time and shared information, giving us a detailed picture of the business and investment environment in Nepal. We also place on record our sincere thanks to the international development agencies active in the country for providing us deep sector insights and sharing their enthusiasm to develop an investment-friendly ecosystem in Nepal. Our special thanks to Suzanna Abspoel from Advance Consulting for providing insights and guidance on the sectors reports and the European resources available for Nepal. We would also like to thank the Intellecap investment banking practice and investment managers from the Aavishkaar Frontier Fund for sharing their experiences in early stage equity investments. Finally, our deepest appreciation to Dipika Prasad, Manisha Singh, Saurabh Prakash Sinha, Nisha Dutt, Raghavendra Badaskar and the entire consulting team at Intellecap for making this report a success. Dolma Development Fund Page 2 This assessment was led by Dolma Development Fund team. The research, data collection and diagnostics were conducted by Intellectual Capital Advisory Services (Intellecap) on behalf of Dolma Development Fund. This assessment was undertaken with funding support from DFID Nepal. DDF Disclaimer: “This publication may contain advise, opinions, and statements of various information providers and content providers. DDF does not represent or endorse the accuracy or reliability for any advice, opinions, statements or other information provided by any information provider, content provider or any user of this publication or other person or entity.” Dolma Development Fund Page 3 CONTENTS 1. Executive Summary ........................................................................................................................ 12 2. Introduction ..................................................................................................................................... 14 2.1 Sector’s Role in Economic Development ................................................................................................. 15 2.2 Overall State of Demand and Supply in Agriculture ........................................................................... 16 2.2.1 Analysis of Demand-side Dynamics .................................................................................... 16 2.2.2 Analysis of Supply-side Dynamics ....................................................................................... 17 3 Sector Overview ............................................................................................................................... 19 3.1 Structure of Agriculture in Nepal................................................................................................................ 20 3.1.1 Overview of the Agricultural Value Chain in Nepal .............................................................. 20 3.1.2 Overview of Sub-Sectors Based on Type of Produce ......................................................... 26 3.2 Current State of Agriculture in Nepal ....................................................................................................... 36 3.3 Market Opportunity of Agriculture in Nepal .......................................................................................... 37 3.4 Analysing Growth Drivers of Agriculture in Nepal .............................................................................. 39 3.5 Challenges Facing the Agricultural Sector .............................................................................................. 42 4. Regulatory and Policy Landscape in Agriculture in Nepal ......................................................... 44 4.1 Licensing Requirements in Agriculture ................................................................................................... 46 4.2 Taxation, Royalties and Subsidies Framework in Agriculture ....................................................... 46 4.3 Impact of Regulations on Enterprise Operations and Value ........................................................... 48 5. Foreign Investment Policy and FDI in the Sector ........................................................................ 49 6. Investment Opportunities in Agriculture ...................................................................................... 51 6.1 Currently Viable Investment Opportunities ........................................................................................... 53 6.1.1 Investment Opportunities in Spices Sub-Sector .................................................................. 53 6.1.2 Investment Opportunities in Tea Sub-Sector ....................................................................... 58 6.1.3 Investment Opportunities in MAPs Sub-Sector.................................................................... 62 6.1.4 Investment Opportunities in Fruits Processing Sub-Sector ................................................. 66 6.1.5 Investment Opportunities in Seeds Sub-Sector ................................................................... 69 6.1.6 Investment Opportunities in Dairy Sub-Sector ..................................................................... 75 6.2 Emerging Investment Opportunities ........................................................................................................ 81 6.2.1 Emerging Opportunity in Honey Sub-Sector ........................................................................ 81 6.2.2 Emerging Opportunity in Coffee Sub-Sector........................................................................ 83 6.3 Non-Opportunities ............................................................................................................................................ 85 7. Exit Opportunities for Investors in Agribusinesses ................................................................... 86 7.1 Spectrum of Exit Routes ................................................................................................................................. 86 7.2 Likely Exit Routes for Agribusinesses in Nepal .................................................................................... 87 7.2.1 Exit Trends Observed in Agribusinesses in India ................................................................ 88 7.3 Challenges in Exit .............................................................................................................................................. 91 7.4 Enablers Needed for Exit................................................................................................................................ 92 Dolma Development Fund Page 4 8. Access to Capital for Agribusinesses .......................................................................................... 93 8.1 Debt financing in this sector ......................................................................................................................... 93 8.2 Debt financing in this sector ......................................................................................................................... 94 8.3 Grants and Resources ...................................................................................................................................... 95 9. Typical Capital Structure for Agribusinesses ............................................................................ 100 10. Valuation Trends in Agribusinesses ......................................................................................... 102 10.1 Comparable Valuations in India and SAARC Countries ................................................................ 102 10.2 Estimating Hurdle Rate for Agribusinesses in Nepal ..................................................................... 103 10.3 Non-Financial Metrics used in Valuation ............................................................................................ 107 11. Annexure ...................................................................................................................................... 114 11.1 Demand and Supply Assessment Methodology ............................................................................... 114 11.2 Market Opportunity Assessment Methodology ............................................................................... 114 11.3 Calculation of Hurdle Rate ........................................................................................................................ 116 11.4 Investment Markets in Nepal and Impact on SME Valuation ..................................................... 117 11.4.1 Overview of Capital/Investment Market in Nepal ............................................................. 117 11.4.2 Nepal Investment Market Valuation and Key Drivers ...................................................... 118 11.5 Miscellaneous ................................................................................................................................................. 120 11.5.1 Legal Structures for Businesses in Nepal
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