Russia-based Stork Group is likely to pick up 26 per cent stake in the titanium project planned by National Aluminium Company (Nalco) in joint venture with the Indian Rare Earths Ltd (IREL).
Stork Group, known for its expertise in mining of titanium minerals and production of ferroalloys, is eyeing 26 per cent stake out of Nalco’s 52 per cent share in the project. The remaining 48 per cent stake is held by IREL. The 26 per cent stake will be acquired by Stork Ferro & Mineral Industries Ltd, a group company.
"We are keen on picking up 26 per cent stake in the titanium project being planned by Nalco through a joint venture with IREL. We had discussions with Nalco in this connection and the aluminium major is open to offer us 26 per cent stake,” said V N Singh, president of Stork Ferro & Mineral Industries Ltd. Singh claimed that the company has the technology needed for developing the titanium project. He called on the Orissa industries minister Raghunath Mohanty on Tuesday.
The titanium project would be set up at Chhatrapur in south Orissa's Ganjam district. The board of directors of Nalco and IREL have given their in-principle approval for the project.
The details of the project like cost and annual production capacity are yet to be worked out. The proposed titanium plant in Orissa state's Ganjan district will initially produce titanium slag, after processing ilmenite from a sand mine owned by IREL.
The main source of titanium in the country are beach sands that contain monazite and ilmenite. The country lacks the technology to convert the titanium ore into metal and the ore is used mostly in dyes and paints after processing.
Stork Ferro & Mineral Industries Ltd has proposed to set up a ferro manganese and silico manganese plant at Balasore in Orissa at a cost of Rs 200 crore.
