Kathmandu: A Malaysian company got a permission to conduct a detailed feasibility study for setting up a chemical fertilizer factory in Nepal.
An agreement was reached between the Investment Board Nepal (IBN) and Malaysia’s reNIKOLA Holdings Sdn Bhd Company for the detailed feasibility study required for the establishment of a fertilizer factory.
On behalf of IBN, the Chief Executive Officer of the Board, Susheel Bhatta, and the Managing Director of reNIKOLA Company, Bhoumahidi Abdelali, signed the memorandum of understanding.
Based on the Public Private Partnership and Investment Regulations 2077, the Company requested a study permit to produce chemical fertilizer in Nepal.
The Malaysian company’s proposal was approved by the 55th meeting of the board.
A time limit has been set for the company to provide a detailed feasibility study report to IBN within 24 months of receiving the permit.
The estimated cost of the project is 260 million US dollars, which is about 35 billion Nepali rupees.
The proposed project aims to produce 95,600 tons of green ammonia and 286,975 tons of green calcium nitrate fertilizer annually.