A Memorandum of Understanding has been signed between Nine Dragons Paper and the Indian state government of Maharashtra to allow the building of a recycled paper mill.
Chinese paper company Nine Dragons Paper will invest 12 billion rupees (£1.28 billion) to construct the mill, which is expected to open its first phase in 2022.
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The Maharashtra Industrial Development Corporation will allocate 300 acres of industrial land for the mill in Raigad, which is 85km from Mumbai.
Around 3,000 people will be employed in the first phase, eventually rising to 10,000 people.
The mill is expected to import both pulp and paper for recycling, as well as taking paper from local sources.
Nine Dragons Paper last year bought two paper mills in the United States.