The Industry Minister of the Indian State of Kerala, Mr Elamaram Kareem, said that the government is keen on pursuing a joint venture with the Russian firm Rosoboron for setting up a Titanium Sponge factory in Chavara. Steps have been taken to acquire land for the factory, the Minister told a press conference.
"After signing the MoU, Rosoboron submitted a detailed project report worth Rs 960 crore [Rs9.6billion] for the factory. This includes the price of 100 acre land also. A technical committee is evaluating the proposal. Engineers India, a Government of India enterprise, will value the project’s estimate," said Mr Kareem. He added that technical expert committee comprises senior scientists nominated by ISRO and the Government of India.
Mr Kareem said the Rosoboron project will be in addition to the ISRO-KMML joint venture to produce Titanium Sponge at Chavara.
"The capacity of this plant will be 500 tonnes per annum. As per the revised estimate submitted by ISRO, the cost for setting up this plant will touch Rs 158 crore [Rs1.58billion]. Rosoboron proposes to produce 10000 tonnes of Titanium Sponge," he added.
The Minister said the government’s information was that the technology used by Avisma Corporation, a subsidiary of Rosoboron, for manufacturing Titanium Sponge is the best in the industry.
"The long term plan is to produce finished Titanium goods from the plant. The government demanded a stake of more than 26 % in the venture," said Mr Kareem.
Source: NewIndPress.com
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