The Orissa government will hold tripartite discussion with both the partners of the Titanium Products Private Limited (TPPL), an Indo-Russian joint venture company, to resolve the row arising out of the land allotment to one of the partners.
Since cancellation of the land lease agreement will land the matter in the court, the state government will make every effort to resolve the matter amicably. The tripartite meeting will be held on 5 October 2009.
This was decided in a high level meeting chaired by the state industry minister Raghunath Mohanty with a delegation of the Russian partner, sources said.
While the Kolkata based Saraf Agencies Private Ltd holds 45 percent stake in the JV, the remaining is held by Russia's State Property Management Agency (51 per cent) and the Tekhnokhim Holding (4 percent).
The joint venture was set up to build an integrated chemical and metallurgical complex to produce titanium dioxide and other titanium products at Chhatrapur in Ganjam district.
According to the source, Saraf Agencies had got the area as the developer for the proposed sector specific Special Economic Zone (SEZ) on a lease for 90 years from the state owned Industrial Infrastructure Development Corporation of Orissa Ltd. (Idco).
Though the Saraf Agencies argued that the sub-leasing was a part of the joint venture agreement, the Russian side took exception to it, thus compelling the state government to intervene.
