Investment Board Nepal and Malaysia-based reNIKOLA Sdn Bhd, on Wednesday, signed a Memorandum of Understanding (MoU) to prepare the detailed feasibility study report for the establishment of a green calcium ammonium nitrate fertiliser plant in Nepal.

Sushil Bhatta, chief executive officer of Investment Board Nepal and Boumhidi Abdelali, managing director of reNIKOLA Sdn Bhd signed the MoU on behalf of their respective organisations.

The proposed project at Abukhaireni, Tanahun is estimated to cost $260 million, which will produce 95,600 tonnes of green ammonia and 286,975 tonnes of green calcium ammonium nitrate annually.