Financial Closure of Consortium Agreement for Kajaria Ramesh Tiles Limited
Kajaria Ramesh Tiles Limited, Nepal's largest tile manufacturing 50:50 joint venture between Kajaria Ceramics Limited and Ramesh Corp., is pleased to announce the successful financial closure of the Consortium Agreement.
They have successfully secured substantial funding of 300 crores for their ambitious project valued at approximately 400 crores.
The consortium agreement was led by Everest Bank Limited in collaboration with three other prominent financial institutions, including Nabil Bank Limited, Nepal SBI Bank Limited, and Prabhu Bank Limited. The agreement was signed by Mr. Rohit Gupta (Vice Chairman, Ramesh Corp.) and Mr. Sudesh Khaling (CEO, Everest Bank Limited).
With a visionary commitment to making Nepal self-reliant in the production of vitrified tiles and ceramics, Kajaria Ramesh Tiles Limited 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 7th 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 8 million-square-meter production capacity. Their facilities will incorporate cutting-edge modern technology, aligning with international standards, to ensure that their products are of unparalleled quality.
Kajaria Ramesh Tiles Limited is proud to emphasize their commitment to utilizing locally available raw materials from Nepal, thereby supporting the local economy and fostering sustainable production practices. Their objective is to enrich the lives of the people of Nepal by providing them with the finest quality Kajaria floor tiles, seamlessly blending technological expertise with exquisite design.
The primary objectives of this joint venture extend beyond business success. They aspire to make Nepal self-sufficient in meeting its tile demand, create employment opportunities for the local populace, and contribute to national economic development. Kajaria has garnered a global reputation for excellence in quality, service, and innovation. Through this collaboration, they intend to make Kajaria products affordable to all while maintaining their unwavering commitment to superior quality.
As they progress towards finalizing the financial aspects of this Consortium Agreement, they are pleased to report that their factory construction is proceeding at a rapid pace. They anticipate that it will be fully operational by March 2024. Kajaria Ramesh Tiles Limited is committed to playing a pivotal role in shaping the future of Nepal's tile and ceramics industry, contributing to the nation's growth and prosperity.