Runaya, a metals start-up founded by the sons of Vedanta Ltd Chairman Navin Agarwal, has signed two JV pacts worth USD 75 million with Russia's UC Rusal and Bahrain's Taha International Corporation (TIC).
Runaya, a metals start-up founded by the sons of Vedanta Ltd Chairman Navin Agarwal, has signed two JV pacts worth USD 75 million with Russia's UC Rusal and Bahrain's Taha International Corporation (TIC).
The pacts relate to production of high technology aluminium paste and powder in India and sustainable waste management solutions to aluminium industry.
The start-up has been founded by brothers and budding entrepreneurs, Naivedya & Annanya Agarwal.
"Runaya, one of the fastest growing manufacturing start- up in the metals space, has signed two joint venture agreements with leading global companies for providing sustainable and high-end solutions to the Indian aluminium industry," Runaya Metsource LLP (RML) said in a statement.
"Aligned with the Government of India s 'Make in India' mission, both the JVs will be set up entailing investments worth USD 75 million," it said.
RML has signed a 50:50 JV with Russia s UC Rusal to set up state-of-the-art aluminium pastes and powders production unit in India, while its affiliate RRL has tied up with Bahrain s TIC for its patented technology on aluminium dross processing.
"Along with ramping up dross processing capacity in phases, we plan to provide other innovative sustainability solutions for Aluminium industry. It is an important strategic initiative for Runaya in becoming a specialty innovative- solution company, which will provide value-add products for regional and global markets using sustainable technology," said Annanya Agarwal, CEO RRL.
Naivedya Agarwal, CEO Runaya Metsource, said, "Runaya s strategy is to identify businesses focusing broadly on material sciences and deliver products with high technology applications, through alliances and partnerships with global leaders."
Naivedya is also Managing Director-designate of the JV for the aluminium pastes and powders.
Runaya claimed that the facility is first of its kind in India with a production capacity of 10,000 metric tonnes per annum and is aiming to commence commercial production in 2018.
The products of the proposed unit will find usage in several high end applications, including additive technologies and solar energy. Currently the demand for these products in India is being met through global sources.
The project launched by RRL will set up a dross processing facility in Jharsuguda, with an initial capacity of 30,000 MT. RRL expects to commission Phase 1 by end of 2017 and commence commercial production in 2018.
As per the agreement, Runaya will obtain TIC technology for exclusive operations in India and receive value added product distribution rights on a world-wide basis.
"Our technology is the most advanced both in its ability to recover metal from dross and process the residues into products that have tremendous market potential in India," said Frank Pollmann, CEO, Taha International Corporation.
Alexey Arnautov, UC RUSAL s Director for new projects said, "RUSAL s long lasting experience in production of aluminium powders and pastes as well as Runaya Metsource s strong position as a local player create solid competitive advantages for the JV."
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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