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Indian Rare Earths Limited (IREL) and aluminium major Nalco have agreed to set up a Titanium Slag project, having one lakh tonnes per annum, in joint venture at Chhatrapur in Odisha's Ganjam district.
The joint venture company would be set up at an investment of Rs 750 crore.
"For the upcoming project, a pre-feasibility report was prepared and IREL had floated Expression of Interest for technology supply," officials said.
However, since no global technology supplier evinced interest, Nalco has taken the lead in attracting global technology suppliers, they said adding the matter has been discussed between Nalco CMD T K Chand and D Singh, CMD, IREL at a meeting here today.
"Titanium is regarded as a high-end metal and Nalco aims to enter into a niche market with this venture. The company, by virtue of its strong international presence, will play a vital role in attracting reputed suppliers for this project," Chand said.
"In fact, during the recent visit of our Director (P&T) N R Mohanty to China; Chalieco, had expressed interest in participating in the project," Chanda said.
NALCO would also scout for other global suppliers in countries like Russia, Ukraine and the US, he said.
