BS reported that things finally seem to be looking up for Titanium Projects Private Limited the consortium setting up the maiden titanium project in Orissa at Chhatrapur entailing an investment of INR 2,000 crore.
Kolkata based Saraf Agencies Limited and the Russian promoters of Titanium Projects Private Limited have reached a certain level of understanding on the vexed issues of shareholding and allotment of land for the project.
Mr Saurabh Garg state industries secretary told Business Standard that “Both the parties Saraf Agencies and the Russian promoters of Titanium Projects Private Limited have made some headway in their talks These companies have reached a certain level of understanding on the contentious issues of shareholding and land allotment.”
He added that Orissa Industrial Infrastructure Development Corporation is monitoring the progress of negotiations between the two parties even though we are not involved in their talks.
The report added that a fresh round of negotiations was held between Saraf Agencies and the Russian promoters of Titanium Projects Private Limited to resolve the differences that had cropped up between the joint venture partners.
A tripartite meeting involving the state government, Saraf Agencies and the Russian promoters of Titanium Projects Private Limited turned out to be inconclusive. Thereafter, the two sparring parties sat together on the same day in a bipartite meet to iron out their differences.
It may be noted that the proposed titanium project had run into rough weather after the Russian promoters had threatened to pull out of the project due to commercial disputes with Saraf Agencies.
Titanium Projects Private Limited has proposed to invest around INR 2,000 crore in two phases. While INR 1,150 crore will be invested in the first phase, another INR 850 crore will be invested in the second phase. The first phase of the project was scheduled to be completed by October 2010. In the second phase, the company needed about 350 acres of land to develop the Special Economic Zone.
The proposed titanium plant will produce 1,08,000 tonnes of titanium slag, 68,000 tonnes of high purity pig iron, 40,000 tonnes of dioxide pigment and 10,000 tonnes of titanium sponge per annum.
(Sourced from Business Standards)
Wednesday, October 7, 2009
Titanium Projects partners close to resolving land issue
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