Balasore: A three-member team from Reserve Bank of India (RBI) along with five officials of IDCO, RWSS and R&B departments visited Padabadagaon under Remuna block in Balasore district Tuesday. They inspected the project site where RBI is planning to set up a bank note paper mill at an investment of Rs 2,500 crore. It will be a joint venture between Security Printing and Minting Corporation of India Ltd and Bharatiya Reserve Bank Note Mudran Pvt Ltd. Before moving to the project site, the officials also held talks with District Collector Dattatraya Bhausaheb Shinde, ADM Bhabesh Nayak and officials of various lines departments. The RBI officials said that there is need for a plot of 150 acres of land for the project while six more acres will be needed for the construction of motorable roads.
As the area is flood-prone, the district administration discussed the issue with the RBI team. They pointed out that floodwater from the Budhabalanga river can be controlled by draining it out through canals. However, sources informed that the RBI team is yet to give its final nod to the project. A few weeks ago, a top official of the joint venture project had met Chief Minister Naveen Patnaik at his residence in Bhubaneswar and apprised him of it. The Chief Minister had assured the company official of all possible support from the Odisha government. A delegation of RBI had earlier visited Balasore district in April to take stock of the situation at the ground level for setting up the banknote paper mill on the outskirts of this town.