Kerala-Russian co JV for Titanium sponge prdn

Thiruvananthapuram, May 17: In a major initiative to explore the vast mineral resources in the coastal belt, the Kerala Government today entered into an agreement with a Russian company for setting up a joint venture company for production of Titanium sponge and other related products.

The agreement was signed by Kerala Industries Special Secretary T Balakrishnan and Rosoboronexport, Moscow Deputy Director-General Alexy V Aleshin in the presence of Industries Minister Elamaram Karim and Finance Minister Thomas Issac.

As per the agreement, a joint working group would be set up to finalise the formalities for the setting of the 10,000-metric tonne capacity titanium sponge unit with an investment of Rs 1,500 crore.

Pointing out that 127 million tonnes of mineral deposit was found in a particular region in Chavara alone, the Industries Minister told newspersons that the technical knowhow for the production of titanium metal was not available in India.

Russian company Avisma, which produces 40 per cent of the total titanium production in the world, would give the techonolgy for the joint venture company. The state-owned Kerala Minerals and Metals would supply the raw material to the company.

Mr Alexy V Aleshin said his company had a long association with the Indian Defence department for the production of defence equipments. But this was the first agreement with a state government for the production of titanium products.

''Titanium is going to be the metal of the 21st century as huge quanties of the metal will be required for the production of aircraft, submarines, defence equipments and several other things,'' he added.

UNI