A whopping $500 million investment
Valued at $500 million, Varaka will provide employment opportunities to 1,500 workers as it launched operations in a 140,000 square-meter venue built on an open area of 1,000,000 square meters. Varaka aims to produce 200,000 tons of newsprint and 150,000 tons of cardboard annually.
Starting from the year 2021, a second phase will kick into gear to reach an annual production capacity of 350,000 tons of a wide variety of coated cardboard. It will save approximately $450 million a year from paper imports and domestically help meet the demands of the local market, saving $450 million in paper imports annually.