Steel major Steel Authority of India limited (SAIl) signed a Memorandum of Understanding (MoU) for setting up a Titanium project in Kerala under joint venture with the State Government on Thursday.
MoU was signed in Thiruvananthapuram between Maharatna CPSE (SAIl), and Government of Kerala PSEs— Kerala State Industrial Development Corporation (KSIDC) and Kerala Minerals and Metals limited (KMMl) for setting up the project, officials informed.
The Chief Minister Kerala Oommen Chandy, PK Kunhalikutty Minister for Industries and IT, EK Bharat Bhushan, Special Secretary and Financial Advisor, Ministry of Steel, Government of India, and SAIl chairman CS Verma were present there.
The possibilities of setting up of the project will be explored by SAIl, KSIDC and KMMl, in a phased manner. To begin with in Phase-1, setting up of a Titanium Sponge and Metal Plant based on supply of Titanium Tetrachloride by KMMl will be considered. In subsequent phases, backward and forward integration will be explored for ensuring long term viability of the project, officials said.
This project would lead to overall development of the region and will also contribute to faster economic growth of Kerala, said Oommen. Minister urged the State Government and SAIl officials to take steps for early commencement of project activities.
He conveyed his trust and confidence in SAIl’s capacity and capabilities and lauded SAIl’s exemplary work in the State of Kerala.
SAIl chairman CS Verma said, Government of Kerala and SAIl have a longstanding association. SAIl is continuously on the lookout for new business opportunities in the areas of its competency. The signing of MOU is a step in that direction.
He said that the company would constitute a dedicated team of officers and all efforts will be made to ensure timely completion of various activities in relation to the project.
This will be the another major titanium project in Kerala, after the Nation’s first titanium sponge plant was put up at KMMl’s Chavara complex in Kerala between KMMl, Vikram Sarabhai Space Centre (VSSC) and the Defence Metallurgical Research laboratory in the year 2011.