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Home » Business » Indian Rare Earths Limited, (IREL) and Ust-Kamenogorsk Titanium and Magnesium Plant JSC, (UKTMP JSC) Kazakhstan Signed an Agreement to Establish Indo-Kazakh Joint Venture Company

Indian Rare Earths Limited, (IREL) and Ust-Kamenogorsk Titanium and Magnesium Plant JSC, (UKTMP JSC) Kazakhstan Signed an Agreement to Establish Indo-Kazakh Joint Venture Company

in Business November 5, 2024 Comments Off on Indian Rare Earths Limited, (IREL) and Ust-Kamenogorsk Titanium and Magnesium Plant JSC, (UKTMP JSC) Kazakhstan Signed an Agreement to Establish Indo-Kazakh Joint Venture Company 222 Views

Newdelhi:5/11/24:IREL (India) Limited, (IREL) CPSU under the Department of Atomic Energy (DAE), Govt. of India and Ust-Kamenogorsk Titanium and Magnesium Plant JSC, (UKTMP JSC) Kazakhstan have signed an agreement to establish Indo-Kazakh joint venture company (JVC): IREUK Titanium Limited for production of Ti Slag in India. The Agreement was signed by Dr. Deependra Singh, Chairman, and Managing Director, IREL (India) Limited, and Ms. Assem Mamutova, President UKTMP JSC in the august presence of Dr. A.K. Mohanty, Secretary DAE & Chairman, Atomic Energy Commission (AEC) from the Indian side and Mr. Iran Sharkhan, Vice Minister of Industry & Construction of the Republic of Kazakhstan, Mr. Yermek Kosherbayev, Akim of East Kazakhstan region of the Republic of Kazakhstan and Mr. Nurlan Zhalgasbayev, Ambassador of the Republic of Kazakhstan to India from Republic of Kazakhstan.

The JVC will act as a catalyst in developing Titanium value chain within India as it shall beneficiate low-grade Ilmenite into high-grade Titanium Feedstock and also result in employment generation opportunities in the State of Odisha.  The offtake arrangement by UKTMP JSC shall be instrumental in bringing valuable forex for the country and aid UKTMP JSC in raw material security.  Thus, JVC between IREL & UKTMP JSC shall enhance the brand equity of both companies as well as act as a growth engine for India and Kazakhstan in the titanium value chain.

IREL generates surplus Ilmenite in the course of its operation in Odisha and has a reputation for supply of quality minerals and rare earth compounds world over.  UKTMP JSC, Kazakhstan is one of the world’s largest vertically integrated titanium producers, from raw material extraction to high value-added products that include titanium sponges and ingots. The products of UKTMP JSC are certified by all world manufacturers of the aerospace industry viz. Boeing & Airbus. 100% of titanium products are exported to highly developed countries.

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

Speaking on the occasion, Dr A.K Mohanty, Secretary, DAE lauded the efforts of IREL (India) limited and mentioned that the new joint venture Indo-Kazakh joint venture company (JVC): IREUK Titanium Limited that is being established in the platinum jubilee year of DAE, will pave the way for Atmanirbharata in the field of Titanium slag production in the country.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
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