The curious case of govt-owned Bank Note Paper Mill's private status

A government-backed JV's legal limbo tests the boundaries of procurement norms

Can a joint venture (JV) company between two fully owned government subsidiaries call itself a private company? That question seems to have put the government in a dilemma.

Mysuru-based Bank Note Paper Mill (BNPM) India Private Ltd produces high-quality currency papers with security features supplied to the four currency printing presses located in Nashik (Maharashtra), Dewas (Madhya Pradesh), Mysuru (Karnataka), and Salboni (West Bengal).

BNPM is a 50:50 JV between Bharatiya Reserve Bank Note Mudran Private Ltd (BRBNMPL), a wholly owned subsidiary of the Reserve Bank of India, and Security Printing & Minting Corporation of India Ltd  (SPMCIL), a government