LOS ANGELES Steel Authority of India Ltd. (Sail) has signed a memorandum of understanding for the "phased" formation of a titanium joint-venture plant with agencies representing the Indian state of Kerala.
Government-owned Sail, along with Kerala State Industrial Development Corp. and Kerala Minerals & Metals Ltd. (KMML), will explore the "possibilities" of setting up a joint venture in the Indian state to produce titanium sponge and metal, according to the Indian government. The plant would source titanium tetrachloride by KMML, it said.
While the size, cost or timetable for the proposed project was not disclosed, local reports indicated the investment could be valued at more than $450 million. It is believed that the proposed facility would be one of the first titanium metal plants to be built in India.
In 2011, KMML built a sponge plant at its Chavara complex in Kerala in a joint venture with the Vikram Sarabhai Space Center and the Indian Defence Metallurgical Research Laboratory.