New Delhi: Bank Note Paper Mill India (BNPM), a joint venture entity between PSU Security Printing and Minting Corporation of India Limited (SPMCIL) and Bharatiya Reserve Bank Note Mudran Pvt Ltd, is planning to set up a manufacturing facility in Odisha's Balasore district, an official statement said on Wednesday.

The proposed bank note paper mill is likely to be built at an investment of Rs 2,500 crore, it said.

During the day, BNPM India Managing Director Thalikerappa S met Chief Minister Naveen Patnaik at his residence here and apprised him of the project, the CMO said in the statement.

The company is planning to invest Rs 2,500 crore for setting up the bank-note paper mill in Balasore district, the Chief Minister's Office said.

The CM assured the company officials of all support from the state government.

Earlier on Tuesday, a delegation of RBI visited Balasore district to take stock of the situation at the ground level for setting up the bank note paper mill at Padabadagaon village on the outskirts of Balasore town.

Around 100 acres of land will be acquired to set up the paper mill, official sources said.

BNPM India is engaged in the production of bank-note papers and has its manufacturing facility in Karnataka's Mysuru with a total capacity of 12,000 metric tonne per annum.

(With PTI inputs)

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)