New Paper Mill for India

India is to take a further step and future-proof its plans for self-sufficiency in currency production with the construction of a new banknote paper mill, at a cost of INR 25 billion ($310 million).

The new mill will belong to Banknote Bank Note Paper Mill India Pvt Ltd, the joint venture between the Indian Finance Ministry-owned Security Printing and Minting Corporation of India (SPMCIL) and Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) , which is owned by the Reserve Bank of India. Located in Mysore, It was opened in 2017 with two lines and has a nominal annual capacity of 12,000 tonnes per year.

In addition, SPMCIL owns Security Paper mill (or SPM, and formerly known as Hoshangabad) in Narmadapuram, which has four lines, two of which produce currency paper. One produces paper for the smaller denomination (10, 20 and 50) notes. The other, inaugurated in 2015, is used principally for high denomination notes and has an annual capacity of 6,000 tonnes per year.