Thiruvananthapuram, May 17 (IANS) The Kerala government Thursday announced a memorandum of understanding (MoU) with Russia’s state-run Rosoboron Export to set up a joint venture company for production of titanium sponge.
“This MoU is valid for six months and in that time we will take forward the discussions with the Russian company to see that the new company is set up in Chertalai in Alappuzha district,” Industries Minister Elam ram Kareem told reporters here.
A six-member joint working group with three members from each side would take forward the discussions.
Ilmenite or iron titanium dioxide, the project’s raw material found in the sand on seashores, is processed and exported by state-owned Kerala State Minerals and Metals Limited (KMML) and central public sector unit Indian Rare Earths (IRE), both having their facilities in Kollam district.
“The raw material for production of titanium sponge is titanium tetrachloride and this is being produced by KMML,” added Kareem.
Alexy V. Aleshin, head of the Russian firm’s delegation, told reporters that titanium was the metal of the 21st century just as aluminium was the metal of the 20th century.
“We have been working with the Indian defence department for the past 30 years. This new relationship with Kerala is certainly going to be mutually beneficial for both the partners,” said Aleshin.
State Finance Minister Thomas Isaac said: “If it materializes, the joint venture would have no other private partners and the state government would handle all the matters. The project will certainly throw up many job opportunities indirectly.
“KMML and IRE will have no problems with the presence of the new company,” he added.