With an investment of INR 2500 crore, Banknote Paper Mill India Private Limited (BNPMIPL) will build a factory in Balasore, Orissa. This factory expects to produce superior banknote papers to satisfy the needs of all four currency printing presses in India. It will eventually achieve backward integration to increase productivity and lower costs. Thalikerappa S, the managing director of BNPMIPL, met with Chief Minister Naveen Patnaik on Wednesday and updated him on the project’s schedule.
BNPMIPL, Mysuru, is a joint venture between Bharatiya Reserve Banknote Mudran Private Limited (BRBNMPL), Bangalore, and Security Printing and Minting Corporation of India Ltd (SPMCIL), New Delhi. The firm, which produces banknote papers, can presently produce 12,000 MT of banknote and currency papers annually at its plant in Mysuru.
A three-person BNPMIPL team previously visited Balasore on Tuesday to evaluate the potential project land. According to sources, the corporation requires about 100 acres of property. The Industrial Infrastructure Development Corporation (IDCO) has identified the land for the project in the Remuna tehsil of Balasore in two separate patches.
Mr Shaktikanta Das, Governor of the Reserve Bank of India, emphasised the necessity of complete national banknote production autonomy in March of this year. India now imports currency papers from nations like Germany, Japan, and the UK because domestic manufacturers cannot keep up with demand.
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