Indo-Russia TiO2 JV gets nod for Orissa complex

22 September 2008 17:43  [Source: ICIS news]

NEW DELHI (ICIS news)--India on Monday granted formal and environmental approval to a special economic zone (SEZ) at Chhatrapur in Orissa state that would house a rupees (Rs) 11.5bn ($250m) Indo-Russian titanium dioxide (TiO2) joint venture.

The complex would have capacity to produce 108,000 tonnes/year of titanium slag containing a minimum 90% TiO2, 40,000 tonnes/year of TiO2, 10,000 tonnes/year of titanium sponge and 69,000 tonnes/year of high-purity pig iron.

The integrated complex would be implemented by a joint venture between two companies of Kolkata-based Saraf Group and two Russian entities.

The Indian promoters of JV are: Saraf Agencies Limited and Titanium Mineral Products Limited (TMPL).

Under the revised foreign investment approval issued earlier this year, 55% equity would be held by Russia’s Federal Agency for State Property Management. St Petersburg-based Technochim Holding would provide technology as well as long-term debt to JV.

The complex would also house a chlor-alkali plant which would provide chlorine to the titanium dioxide plant. The membrane cell-based plant would have capacity to produce 75 tonnes/day of caustic soda that would be sold as by-product in the market.

The 500-acre export-focused SEZ would also later incorporate downstream units that would add value to the product stream of the complex.

The complex would be located near Indian Rare Earths Limited’s beach sand minerals processing plant from which it would procure the feedstock ilmenite and would be 2km away from Gopalpur port.

($1 = Rs45.91)

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By: Naresh Minocha
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