N24 Staff Writer, KATHMANDU: Garuda based Shri Ram Sugar Mills, the largest industry in Rautahat, has been shut down permanently from Shrawan 11, citing the reason to be continuous losses. The mill was established in Rautahat district more than two decades ago. Although the industry was successful in its early years, it saw massive losses with every passing fiscal year.
The management has informed that the industry has been closed since Sunday with the reason that it has not been able to pay the salary and allowance to the employees. By FY 2075/76, the total loss of the company has reached Rs. 2.17 billion.
The company is in the process of liquidating its assets in order to pay the remaining wages of workers, staffs and sugarcane farmers. After the closure of Shri Ram Sugar Mills, which was one of the oldest in Nepal, farmers around Rautahat have been facing problems in selling their sugarcane.
Shares of the company will not be traded regularly on Nepal Stock Exchange (NEPSE) from Tuesday.
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