Bhubaneswar, Jan 29 (UNI) With a 55 per cent share the Russian government today signed a joint venture agreement with the Kolkata based Saraf Agencies Private Limited to set up a Rs.2000 crore Titanium project in Chhatrapur in Orissa.
The agreement was signed in the presence of Ambassador of the Russian Federation in India Vyacheslav I Trubnikov,Consul General of the Russian Federation in Kolkata Valdimir.V. Lazarev, Saraf Agency Chairman S.M. Shroff and Director General of Technochim Holding Leonid Nikailovich Bobkov.
As per the agreement the Saraf Agencies will get the smelting technology for producing titanium slag and pig iron and the state of art technology for production of titanium sponge.
The Centre has already granted the Saraf Agencies the approval for developing a special economic zone for setting up beach sand mineral based industries and the Russian Federation has assured the Saraf Agencies to join hands in developing the special economic zone.
Speaking on the occasion Mr.Shroff said his company had attempted to bring in the most modern environment friendly smelting technology from Russia to produce titanium slag from ilmenite and titanium dioxide,the most strategic metal used in aerospace industry.
He said with the signing of agreement India would be the fourth country in the world after Canada,Norway and South Africa to produce titanium slag with 90 per cent titanium content.
With large deposits of beach sand minerals lying on the coastal belt of Puri over a distance of 65 kms, the company will rope in Technochim Holding of Russia to produce titanium slag from ilmenite and titanium dioxide besides the highest value added product titanium sponge by processing the beach sand minerals.
UNI DP ADG DB2033