The Central Pulp and Paper Research Institute (CPPRI) has already been engaged to conduct a feasibility project into the construction of the project.
Although the CPPRI has declined to name the firm, it has indicated the manufacturer already has interests in China, which could point to UPM as the suitor.
Two sites are currently being looked at as potential mill locations, one in Gujarat and the other in Maharashtra.
The feasibility report is expected to ready in two months, and once a decision is made on investment, the project could go through in 18 months.
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