Oli, who is known for his pro-China stance, had served as the country's Prime Minister from October 11, 2015 to August 3, 2016.
Earlier, former Prime Minister Sher Bahadur Deuba had addressed the nation and submitted his resignation to the President.
The largest alliance in Parliament, the left alliance, formally extended support to KP Sharma Oli for premiership and presented the same claim before President Bidhya Devi Bhandari at 9:00 AM on Thursday.
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As per reports, a standing committee meeting of the UML on Wednesday made a decision to field the party's Chairman K P Sharma Oli as the new prime minister on behalf of the left alliance comprising the UML and the Maoist Center. It had also secured an overwhelming majority in the upper house of Parliament with 39 seats, paving the way for the leftist alliance to form the country's next government.
Deuba handed power to a new government after completing the due constitutional process.
It must be noted that the Deuba-led Nepali Congress (NC) stood third in the historic parliamentary and provincial assembly polls. He is likely to induct two leaders, one each from the UML and the CPN-Maoist Centre, as ministers today, according to the source.
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Khadga Prasad Sharma Oli from the Communist Party of Nepal (Unified Marxist-Leninist) has been sworn in as the 41st prime minister of Nepal, formally concluding the long-delayed democratic transition.
This is unedited, unformatted feed from the Press Trust of India wire.
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