Nalco signs pact for Rs.400 crore titanium project (Lead)
January 15th, 2011 - 11:35 pm ICT by IANSBhubaneswar, Jan 15 (IANS) Two public sector companies, the National Aluminium Company Ltd (Nalco) and Indian Rare Earths Ltd (IREL), have signed a pact to set up a titanium plant at an estimated cost of Rs.400 crore in Orissa’s Ganjam district, a senior Nalco official said Saturday. Nalco’s director (finance) B.L. Bagra said Nalco and IREL will have 49 and 51 percent stake respectively in the project planned at Chhatrapur, about 157 km from Bhubaneswar to make value-added products from beach sand minerals, which would subsequently be used for making titanium and allied products.
He said both the companies will establish a joint venture company soon. “The new company will buy ilmenite, the basic raw materials from IREL at market price,” Bagra told IANS, adding that the construction of the plant should start in one year.
Titanium has a strategic importance for the country and is a key material used in space, aviation, nuclear, automobile, and paint industries, a statement said.
There being no production of the mineral in the country, the need is met by imports. On the other hand, beach sand - the basic raw material for production of titanium - is available in huge quantities with IREL and is exported without value-addition, it said.
The development of these value-added products will be an important step towards import substitute for the country, the statement added.
- Nalco signs pact for Rs.400 crore titanium project - Jan 15, 2011
- NALCO signs agreement with mines ministry - Mar 16, 2011
- National Aluminium on a major diversification drive: Chairman - Jul 28, 2011
- NALCO to finalise Indonesia coal deal by January - Oct 02, 2010
- NPCIL, NALCO ink deal for nuclear plants - Nov 09, 2011
- NALCO chief's tenure extended - Oct 11, 2011
- NALCO's Q3 net profit down 80 percent - Feb 07, 2012
- Nalco to miss alumina production target - Feb 23, 2011
- Nalco to set up subsidiaries - Jul 08, 2011
- NALCO approves stock split, issues bonus shares - Mar 05, 2011
- NALCO to sponsor tribal kids' education - Sep 07, 2011
- NALCO to set up wind power project in Andhra - Jun 02, 2011
- NALCO sees aluminium prices in $2100-$2300 per tonne range - Nov 11, 2011
- Policy matters, iron ore sourcing delaying steel plant: JSW Steel - Jan 10, 2012
- NALCO to produce 1,000 MW as independent producer - Apr 19, 2010
Tags: allied products, bagra, beach sand, company ltd, crore, director finance, ganjam district, import substitute, irel, joint venture company, national aluminium company, orissa, pact, paint industries, public sector companies, raw material, raw materials, space aviation, value added products, value addition