Thiruvananthapuram: Public sector steel producer Steel Authority of India Limited (SAIL) on Thursday reached an agreement with Kerala State Industrial Development Corp (KSIDC) and Kerala Minerals and Metals Ltd (KMML) to set up a Rs 2,500-crore joint venture to produce titanium sponge and metals.
A memorandum of understanding (MoU) has been signed by the officials of SAIL, KSIDC and KMML in the presence of chief Minister Oommen Chandy, industries minister PK Kunhalikutty, steel ministry special secretary E K Bharat Bhushan, SAIL chairman CS Verma and industries department additional chief secretary V Somasundaran.
The new JV will be second major titanium project in Kerala after the titanium sponge plant at KMML in Chavara in Kollam district. In the first phase of the project, the plant will have the capacity to produce 10,000 tonnes of titanium sponge per year. KMML will supply the titanium tetrachloride required for the production of the titanium sponge, which will be molded to produce titanium metal and other alloys such as rutile and zircon, KSIDC officials said.
The project is also expected to create about 2,000 employment opportunities in the state.
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