According to The Economic Times, the Maharashtra Industrial Development Corporation (MIDC) made an early March announcement about the MOU. A spokesperson for Nine Dragons referred to the MOU as “first step towards a market entry,” and said little additional detail about the MOU is currently available.
“We feel very positive about building our presence in India,” says the company’s Benjamin Ng. He said the MOU “is very early stage; it only reflects the serious intention of the parties to work together to further explore feasibility and start a process of studying and pinning down more details about business targets, optimal investment scales, terms and structure, etc.”
The Economic Times reports that Nine Dragons intends to build a mill in the state, which is located in western and central India and includes Mumbai. Nine Dragons would reportedly invest up to $634 million to build the facility.
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.