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M. Somasekhar

Hyderabad, May 22 Midhani and Russia’s VSMPO-Avisma, the world’s largest producer of titanium, are planning to form a joint venture company to produce value-added products from titanium sponge.

A joint working group has been formed by the Union Ministry of Defence (under which Midhani falls) to work out the feasibility of the proposed venture. Recently the Russian Corporation has joined in a consortia with Kerala Minerals and Metals Ltd to set up a titanium sponge plant.

Discussions between Midhani, the Hyderabad-based, strategic material producer, and VSMPO-Avisma are in an advanced stage for the venture, said Mr M. Narayana Rao, Chairman and Managing Director of Midhani.

Russia has lots of titanium sponge and Midhani has expertise to cost effectively convert it into finished products with different applications. “Plan was that the Russian Corporation would supply the titanium sponge and we will convert it into value-added products,” Mr Rao told Business Line.

It is estimated that under the proposed venture about 10,000 tonnes of titanium sponge could be converted, which would generate a turnover of about Rs 3,000 crore. A separate manufacturing plant would be established, he said.

According to plans, the finished titanium sponge products would meet the demands of the Indian market and also exported to global markets through the joint venture.

More Stories on : Alliances & Joint Ventures | Engineering

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