By Bizodisha Bureau, Bhubaneswar, July 15, 2022: Odisha will shortly have a Bank Note Paper Mill with Bank Note Paper Mill India Private Limited (BNPMIPL) announcing to set it up at Balasore with an investment of Rs 2,500 crore, according to a government statement.

Mysuru-based BNPMIPL is a joint venture of Security Printing and Minting Corporation of India Ltd (SPMCIL) New Delhi and Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), Bangalore.

The company, engaged in production of bank note papers, currently has a total capacity to manufacture 12,000 MT bank note and currency papers per annum at its Mysuru facility.

Earlier, a three-member team of BNPMIPL visited Balasore on Tuesday to assess the suggested land proposed to be given for the project. Sources said the plant requires around 100-acre land. The Industrial Infrastructure Development Corporation (IDCO) is believed to have identified the land in two different patches for the project in Remuna tehsil of Balasore.

Thalikerappa S, managing director of BNPMIPL met chief minister Naveen Patnaik and briefed him about the project plan.
The CM assured the company to provide all required support, the government said.
“The corporate mission of the Company is to manufacture top-quality bank note papers to meet the needs of all the four currency printing presses in India and achieve backward integration in the long run to improve efficiency and reduce costs,” the company profile statement on its website said.

In March this year, Reserve Bank of India governor Shaktikanta Das had underscored the need for 100% self-reliance on bank note manufacturing in the country. Currently, India imports currency papers from countries such as Germany, Japan, and Britain as domestic production is not enough.