KATHMANDU, July 14: The Investment Board of Nepal (IBN) has initiated a process to establish a chemical fertilizer company in the country. 

Estimated cost of the company is around Rs 93.53 billion (714 million USD). The IBN on Thursday signed a memorandum of understanding (MoU) with a German company for the establishment of a chemical fertilizer company. 

Prime Minister heads the IB Nepal. CEO of IB Nepal Sushil Bhatta and Managing Director of DIAG Industries GmbH, Germany, Benjamin Becker signed the MoU.

According to IB, Nepal, the German company would prepare the detailed feasibility study report for establishment of chemical fertilizer plan (urea) in Nepal. 

The 50th meeting of the IB, Nepal held some three months ago had decided to allow the German company to carry out the feasibility study. The company is assigned to submit the feasibility study report within 24 months after the approval date.

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