SPL Partners with G+D for Paper Upgrade

Pakistan’s banknote papermaker Security Papers Ltd (SPL) has entered into a strategic partnership with Giesecke+Devrient to upgrade its PM-2 paper machine, first commissioned in 2004. This initiative aims to enhance SPL’s capacity to produce banknote paper that meets international standards and incorporates the latest security features.

SPL was incorporated in Karachi in 1965 as a private limited company and was converted into a public company in 1967, under a Memorandum of Understanding between the governments of Pakistan, Iran and Turkiye, to manufacture banknote paper and other security paper.

It remains the only manufacturer of security papers in Pakistan, supplying key institutions such as the State Bank of Pakistan, Pakistan Security Printing Corporation (PSPC), its largest single customer, along with the National Database & Registration Authority (NADRA), the Election Commission of Pakistan, and various government printing presses.

Left to right: Claudio Sgarlata (G+D) & Imran Qureshi (Security Papers).

The upgrade supports the launch of Pakistan’s new banknote series. It carries an estimated cost of Rs 3.4 billion (c.US$12.24 million), including an international contract worth €8.297 million awarded to G+D. Completion is expected within 18 months.