Nine Dragons Paper sign MoU to build new mill in India
11 March 2019
Hong Kong-based Nine Dragons Paper has signed a Memorandum of Understanding (MoU) with the Maharashtra Industrial Development Corporation (MIDC) to set up a new mill in the country. The MoU was signed in the presence of state chief minister Devendra Fadnavis and state industries minister Subhash Desai.
The packaging board company has decided to invest approximately USD 630M over a period of five years to build the proposed mill in the state of Maharashtra in India. This will result in the creation of at least 10,000 new job opportunities.
The plan to construct a new mill in India was not disclosed in the recently published expansion plans by the company while announcing the consolidated results for the half-yearly period ended December 31, 2018. During that time, the company’s focus was mainly on the completion of four new paper machines in China in 2019, which in turn will add 2.05 million tons per annum to its production capacity. It had also declared equipment upgrade and expansion works at its four pulp and paper mills in the U.S.