KATHMANDU: Kajaria Ramesh Tiles Ltd (KRTL), Nepal's largest tile manufacturing 50:50 joint venture between Kajaria Ceramics Ltd and Ramesh Corp, has announced the successful financial closure of the consortium agreement.

They have successfully secured substantial funding of three billion rupees for their ambitious project valued at approximately four billion rupees. The consortium agreement was led by Everest Bank Ltd in collaboration with three other prominent financial institutions, including Nabil Bank Ltd, Nepal SBI Bank Ltd, and Prabhu Bank Ltd, as per a press statement.

The agreement was signed by Rohit Gupta, vice-chairman of Ramesh Corp and Sudesh Khaling, CEO of Everest Bank Ltd. With a visionary commitment to making Nepal self-reliant in the production of vitrified tiles and ceramics, KRTL has embarked on a greenfield project for tile manufacturing in Nepal. This ambitious venture is conducted as an equal joint venture with Kajaria Ceramics, India's foremost and seventh largest tile manufacturer in the world. This project is dedicated to producing high-quality Kajaria Tiles within Nepal's borders. The state-of-the-art manufacturing plant, situated in the Nawalparasi district, will emerge as Nepal's largest tile production facility with an impressive eight million-square-metre production capacity. - HNS

A version of this article appears in the print on October 6, 2023, of The Himalayan Times