New Delhi, Nov 5 (IANS): Indian Rare Earths Limited, (IREL) and Kazakhstan’s Ust-Kamenogorsk Titanium and Magnesium Plant JSC, (UKTMP JSC) have signed an agreement to establish an Indo-Kazakh joint venture company, IREUK Titanium Limited, for the production of Titanium Slag in India, according to an official statement issued on Tuesday.

The JVC will act as a catalyst in developing the titanium value chain within India as it will beneficiate low grade Ilmenite into high grade titanium feedstock and also result in employment generation opportunity in the state of Odisha. The offtake arrangement by UKTMP JSC will also be instrumental in bringing valuable foreign exchange for the country and aid UKTMP JSC in raw material security.

The joint venture company envisages to synergize the strength of the respective companies by establishing a plant in the titanium value chain for producing Titanium Slag by utilizing IREL’s Ilmenite from Odisha. UKTMP JSC will provide the technology of producing Ti Slag and will take the agreed quantities for an input in their Ti sponge plant.

IRE, a central public sector undertaking under the Department of Atomic Energy (DAE), generates surplus Ilmenite in the course of its operation at Odisha and supplies quality minerals and rare earth compounds worldwide. UKTMP JSC, Kazakhstan is one of the world's largest vertically integrated titanium producers, from raw material extraction to high value-added products that includes titanium sponge and ingots. The products of UKTMP JSC are certified by all world manufacturers of the aerospace industry including Boeing & Airbus. The company exports 100% of titanium products to highly developed countries.

The joint venture company IREL and UKTMP JSC enhance the brand equity of both the companies as well as act as a growth engine for India and Kazakhstan in the titanium value chain.

Speaking at the signing event, A.K Mohanty, Secretary, DAE lauded the efforts of IREL (India) limited and mentioned that the new Indo-Kazakh joint venture company will pave the way for Atmanirbharata in the field of Titanium slag production in the country.

The agreement was signed by Deependra Singh, chairman and managing director, IREL (India) Limited and Assem Mamutova, president UKTMP JSC in the presence of A.K. Mohanty, Secretary DAE and Chairman, Atomic Energy Commission (AEC) and Iran Sharkhan, Vice Minister of Industry and Construction of the Republic of Kazakhstan.