With an investment of Rs2,500 crore, Odisha likely to receive a banknote paper plant

14 Jul 2022 , 09:21 AM

A manufacturing facility will be built in the Balasore area of Odisha by Bank Note Paper Mill India, a joint venture between Security Printing and Minting Corporation of India Ltd and Bharatiya Reserve Bank Note Mudran Pvt Ltd.

It stated that an investment of Rs2,500 crore would likely be required to construct the projected bank note paper plant.

Thalikerappa S, the managing director of BNPM India, met Chief Minister Naveen Patnaik at his home during the day and briefed him on the project, according to the CMO. According to the Chief Minister’s Office, the business intends to invest Rs2,500 crore in the construction of the banknote paper mill in the Balasore district.

The CM assured the company representatives of all of the state government’s support. An earlier RBI group visited the Balasore district on July 12 to assess the local conditions before establishing the banknote paper mill at Padabadagaon hamlet outside of Balasore town.

According to news reports, land totalling about 100 acres would be purchased to erect the paper factory. The manufacturing plant of BNPM India, which produces banknote papers, is located in Mysuru, Karnataka, and has an annual production capacity of 12,000 metric tonnes.