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A Central government team today visited Nehru Nagar in Nashik Road here for a proposed paper mill project, required for printing currency notes.
The team will submit its report to Union Finance Ministry, under which city-based India Security Press (ISP) and Currency Note Press (CNP) function.
The team comprised General Manager of CNP, S P Varma, members of Security Paper Mill (Hoshangabad, Madhya Pradesh) P R Gauda, Security Printing & Minting Corporation Ltd of India (SPMCIL) members Rakesh Kumar, Praveen Gupta, Manishankar and others.
Shiv Sena MP Hemant Godse from Nashik while welcoming the members said, the Central government has set a target to produce 48,000 metric tonne note (currency) paper by 2024.
"Currently, 16,000 MT paper is being produced. To achieve the target of remaining 32,000 MT, two machines have been sanctioned in-principle for Hoshangabad SPM to produce 16,000 MT, while scouting is underway to set up a mill here to produce another 16,000 MT," he said.
Godsde further said the 250 acres land is lying unused with ISP and CNP at Nehru Nagar and it could be efficiently utilised for setting up a new paper mill which will be economically viable as well.
He said Nashik Road railway station is close these places, transportation cost will be less and the cotton required for producing currency paper could be transported by train from neighbouring Jalgaon.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)