Bhubaneswar: A team of RBI officials visited Balasore district in Odisha on Tuesday.
A day later, on Wednesday, Thalikerappa S, Managing Director of Bank Note Paper Mill (BNPM) India Pvt Ltd, and top executives of the company called on Chief Minister Naveen Patnaik at his residence.
Well, here’s why.
BNPM India Pvt Ltd, a joint venture of Bharatiya Reserve Bank Note Mudran Pvt Ltd and Security Printing and Minting Corporation of India Ltd, plans to set up a bank note paper mill in Balasore district. The proposed plant will cost about Rs 2,500 crore.
Naveen assured the delegation of providing full support.
About 100 acres of land will be acquired to set up the paper mill.
BNPM India Pvt Ltd already has a manufacturing facility for bank note paper in Karnataka’s Mysuru, with an annual capacity to manufacture 12,000 MT of bank note paper.
The proposed unit in Balasore will help the company meet the demands of the four currency printing presses of the country.
India currently imports bank note paper from Germany, Japan and Britain and RBI Governor Shaktikanta Das has been emphasising on achieving 100 per cent self-reliance on bank note manufacturing.
