SAIL join hands with KMML and KSIDC
Steel Authority of India Limited (SAIL), Kerala State Industrial Development Corporation (KSIDC) and Kerala Minerals and Metals Ltd (KMML) have joined hands together for setting up a Rs 2,500-crore joint venture to produce titanium sponge and metals in the state.
The Memorandum of Understanding (MOU) was signed on April 4, 2013 by the officials of Steel Authority of India Limited, Kerala State Industrial Development Corporation, and Kerala Minerals and Metals Ltd. Mr. Oommen Chandy, Chief Minister of Kerala, Mr. PK Kunhalikutty, Minister for Industries and Information Technology, Mr. E K Bharat Bhushan, Special Secretary, Ministry of Steel, Mr. CS Verma, Chairman, SAIL, and Mr. V Somasundaran, Additional Chief Secretary, Industries & Commerce, were present at the function.
The new Joint Venture will be the major titanium project in Kerala after the titanium sponge plant at KMML in Chavara in Kollam district. According to Mr. Oommen Chandy, the proposed titanium sponge production unit will ensure faster economic growth of the State and overall development of the region.
Mr. P.K. Kunhalikuty said that more investments would be brought to the State by joining hands with the Central PSUs and that it would create more job opportunities.
This particular project has been planned in a phased manner. In the first phase, setting up of a titanium sponge and metal plant based on the supply of titanium tetrachloride by KMML will be considered. Subsequently, backward and forward integration will be explored for ensuring long-term viability of the project.