Nine Dragons signs MOU for mill in India
March 5, 2019Hong Kong-based Nine Dragons Paper Ltd. has reportedly signed a memorandum of understanding (MOU) with the Indian state of Maharashtra to invest some $630 million to establish a paper- and board-making presence in the state.
The newspaper reports that Nine Dragons will build a mill in the state, which is located in western and central India and includes Mumbai. Nine Dragons will reportedly invest up to 45 billion Indian rupees ($634 million) to build the facility.
The MIDC describes itself as the “industrial infrastructure development agency” for the state, which has some 112 million people. The agency says it manages some 289 industrial parks in Maharashtra.
Nine Dragons currently has more than 15 million metric tons of paper- and board-making capacity, with a focus on containerboard and other packaging grades.
