Orissa may offer separate plots to promoters of titanium project

The Orissa government is exploring the possibility of allotting separate plots of land to the sparring partners of Titanium Products Private Limited- the Russian government and Kokata-based Saraf Agencies- to overcome their difference over allotment of land for a titanium project in the state.

“There is a possibility of allotment of separate land plots to the two joint venture partners but we don't want to jump the gun at the moment. We have asked the promoters of the project to iron out their their differences and approach us within a few days”, the state industries secretary Saurabh Garg told Business Standard.

The state government had conducted a review meeting today with the promoters of TTPL. While Saraf Agencies held 45 per cent stake in the project, the remaining 55 per cent stake was held by the Russian government.

It may be noted that the Rs 2,000-crore titanium plant project proposed to be set up near Chhatrapur in south Orissa's Ganjam district has run into rough weather owing to commercial disputes between the joint venture partners. Saraf Agencies had entered into a land lease agreement with the Orissa Industrial Infrastructure Development Corporation (Idco) for around 200 acres of land near Chhatrapur in February this year. The Kolkata-based realty player intended to sub-lease the land to TPPL which was objected by the Russian government as the latter demanded that land needed to be alloted.