Stork Group will join the proposed Titanium project jointly promoted by two Orissa-based public sector undertakings - Nalco and Indian Rare Earth (IREL), official sources said today.
This was conveyed by Stork Ferro India Operations President V N Singh to Orissa's Industries Minister Raghunath Mohanty.
"I was told that Stork Group will have 26 per cent stake in the proposed titatium plant to be developed jointly by Nalco and IREL," Mohanty told PTI.
Initially, it was decided that Nalco would have 52 per cent stake in the joint venture while IREL's share would be 48 per cent in the proposed project.
"An understanding had been made between Nalco and Stork Group to have 26 per cent stake each in the proposed project," Mohanty said.
Stating that though the state government had not been informed about the proposed project either by Nalco or IREL, Mohanty welcomed the project.
The state is hopeful that the two state run PSUs would be able to set up the much desired titanium plant in Orissa's Ganjam district.
Earlier an Indo-Russian joint venture between Kolkata based Saraf Agencies, (the Indian partner) and Russia's state run agency's attempt to set up the Rs 1,200 crore titanium project, failed to take off due to a dispute between the two.
The dispute was now under consideration of arbitrator with Saraf Agency pulling out of the project, the minister said.
The new entrant in the Nalco-IREL joint venture, Stork Group has been marketing and supplying Russian titanium products in India for past 15 years to companies in areas of aviation, space, nuclear power and some other key industries.
Stork Group, engaged setting up a Ferro Managese and Silico Manganese in Orissa's Balasore district, was likely to go for commissioning of the plant soon, Mohanty said.
The proposed titanium plant in Orissa will initially produce titanium slag, after processing ilmenite from a sand mine owned by India Rare Earths, sources said.
The JV would go for production of the titanium metal in a later phase, they said.
