IREL (India) Limited, a Central Public Sector Undertaking (CPSU) under the Department of Atomic Energy (DAE), Government of India, has signed an agreement with Ust-Kamenogorsk Titanium and Magnesium Plant JSC (UKTMP JSC), Kazakhstan to form a strategic Indo-Kazakh joint venture company: IREUK Titanium Limited. This venture aims to establish the production of Titanium Slag (Ti Slag) in India.
Agreement Signed in a Grand Ceremony
The landmark agreement was signed by Dr. Deependra Singh, Chairman and Managing Director of IREL (India) Limited, and Ms. Assem Mamutova, President of UKTMP JSC, in the presence of several distinguished dignitaries. Representing India were Dr. A.K. Mohanty, Secretary of DAE and Chairman of the Atomic Energy Commission (AEC), while the Republic of Kazakhstan was represented by Mr. Iran Sharkhan, Vice Minister of Industry & Construction, Mr. Yermek Kosherbayev, Akim of East Kazakhstan region, and Mr. Nurlan Zhalgasbayev, Ambassador of Kazakhstan to India.
Strategic Benefits of the Joint Venture
The newly formed IREUK Titanium Limited is set to be a key driver in developing India’s titanium value chain. By upgrading low-grade Ilmenite into high-grade Titanium Feedstock, the venture will stimulate economic growth and create employment opportunities in the state of Odisha. Furthermore, the offtake arrangement with UKTMP JSC is expected to generate significant foreign exchange for India, while also ensuring raw material security for Kazakhstan.
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This collaboration will elevate the brand value of both IREL and UKTMP JSC, acting as a catalyst for economic growth in both nations and strengthening the titanium industry.
Synergy Between IREL and UKTMP JSC
IREL, known globally for its high-quality minerals and rare earth compounds, produces surplus Ilmenite through its operations in Odisha. On the other hand, UKTMP JSC is one of the world’s leading vertically integrated titanium producers, renowned for manufacturing high-value titanium products like titanium sponge and ingots. Their products are certified by top aerospace giants, including Boeing and Airbus, and are entirely exported to developed nations.
By combining their strengths, the joint venture will utilize IREL’s Ilmenite from Odisha to produce Titanium Slag. UKTMP JSC will supply the necessary technology and offtake the agreed quantities to feed its titanium sponge production facilities.
A Step Toward Self-Reliance in Titanium Production
During the ceremony, Dr. A.K. Mohanty, Secretary of DAE, praised the initiative and emphasized the importance of this joint venture. He stated that the establishment of IREUK Titanium Limited, coinciding with the platinum jubilee of the DAE, is a significant milestone towards achieving Atmanirbhar Bharat (self-reliance) in titanium slag production.
The venture represents a strategic leap forward for India, reinforcing the country’s position in the global titanium value chain while fostering international collaboration with Kazakhstan.
