Joint venture to act as catalyst in developing Titanium value chain
Indian Rare Earths Limited (IREL) and Ust-Kamenogorsk Titanium and Magnesium Plant JSC, (UKTMP JSC) Kazakhstan have signed an Agreement to establish Indo-Kazakh Joint Venture Company (JVC), IREUK Titanium Limited, for production of Ti Slag in India.
The JVC will act as a catalyst in developing Titanium value chain within India as it shall beneficiate low grade Ilmenite into high grade Titanium Feedstock and also result in employment generation opportunity in the Odisha.
The offtake arrangement by UKTMP JSC shall be instrumental in bringing valuable forex for the country and aid UKTMP JSC in raw material security.
Thus, JVC between IREL & UKTMP JSC shall enhance the brand equity of both the companies as well as act as growth engine for India and Kazakhstan in the titanium value chain.
IREL generates surplus Ilmenite in the course of its operation at Odisha and has reputation for supply of quality minerals and rare earth compounds world over.
UKTMP JSC, Kazakhstan is one of the world’s largest vertically integrated titanium producers, from raw material extraction to high value-added products that includes titanium sponge and ingots.
The products of UKTMP JSC are certified by all world manufacturers of the aerospace industry viz. Boeing & Airbus. 100% of titanium products are exported to highly developed countries.
The joint venture company envisages to synergize the strength of the respective companies by establishing plant in titanium value chain for producing Titanium Slag by utilizing IREL’s Ilmenite from Odisha. UKTMP JSC shall provide the technology of producing Ti Slag and shall off take the agreed quantities for input to their Ti sponge plant.
Speaking on the occasion on 5 Nov, Dr A.K Mohanty, Secretary, DAE lauded the efforts of IREL, saying, IREUK Titanium Limited will pave the way for Atmanirbharata in the field of Titanium slag production in the country.
The Agreement was signed by Dr Deependra Singh, Chairman and Managing Director, IREL and Assem Mamutova, President UKTMP JSC in the august presence of Dr A.K. Mohanty, Secretary DAE & Chairman, Atomic Energy Commission (AEC) from Indian side and Iran Sharkhan, Vice Minister of Industry & Construction of the Republic of Kazakhstan, Yermek Kosherbayev, Akim of East Kazakhstan region of the Republic of Kazakhstan and Nurlan Zhalgasbayev, Ambassador of the Republic of Kazakhstan to India from Republic of Kazakhstan. Fiinews.com
