A Memorandum of Understanding (MOU) was signed today at Thiruvananthapuram, Kerala between Maharatna CPSE, Steel Authority of India Limited (SAIL), and Government of Kerala PSEs, Kerala State Industrial Development Corporation (KSIDC) and Kerala Minerals and Metals Ltd(KMML), for setting up a Titanium Project in Joint Venture in the state of Kerala. The MOU was signed in the presence of Shri Oommen Chandy, Chief Minister,Kerala, Shri PK Kunhalikutty, Minister for Industries & IT, Kerala, Shri E.K. Bharat Bhushan, Special Secretary & Financial Advisor ,Ministry of Steel, Government of India, and Shri C.S. Verma ,SAIL Chairman.
Through this MOU, possibilities of setting up of the Titanium Project in Joint Venture in Kerala will be explored by SAIL and KSIDC& 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.
Speaking on the occasion, Shri Oommen Chandy, Chief Minister, said:- "the project would lead to overall development of the region and will also contribute to faster economic growth of Kerala. He urged the state government and SAIL officials to take steps for early commencement of project activities. He conveyed his trust & confidence in SAIL's capacity and capabilities and lauded SAIL's exemplary work in the state of Kerala."
Shri C.S. Verma, SAIL, Chairman stated, "Government of Kerala and SAIL have a longstanding association. He further said that, 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 the state of 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.
Photo caption:
MOU signing cermony at Kerela.
