Indian Aluminium Start-Up Runaya Finalizes Deals with Rusal, Taha
30 May 2017 by Staff
Runaya lately announced two agreements, each worth US$75 million a piece, with Russia’s UC Rusal and Bahrain’s Taha International Corporation (TIC).
“Runaya, one of the fastest growing manufacturing start- up in the metals space, has signed two joint venture agreements with leading global companies for providing sustainable and high-end solutions to the Indian aluminium industry,” explained RML in a press release. “Aligned with the Government of India’s ‘Make in India’ mission, both the JVs will be set up entailing investments worth $75 million.”
At present, RML has a 50:50 joint-venture agreement with Rusal to establish a state-of-the-art aluminium pastes and powders production plant in India. RML also has an agreement via subsidiary Runaya Refining LLP (RRL) with TIC for using the latter’s patented technique for aluminium dross processing.
“Along with ramping up dross processing capacity in phases, we plan to provide other innovative sustainability solutions for Aluminium industry,” explained Annanya Agarwal, RRL’s CEO. “It is an important strategic initiative for Runaya in becoming a specialty innovative- solution company, which will provide value-add products for regional and global markets using sustainable technology.”
“Runaya’s strategy is to identify businesses focusing broadly on material sciences and deliver products with high technology applications, through alliances and partnerships with global leaders,” elaborated Naivedya Agarwal, CEO of Runaya Metsource.
According to Runaya, this is the first such operation in India. At its peak it will produce ten thousand metric tons per annum and provide its product to high-end applications that are currently meeting their requirements from overseas sources.
“Our technology is the most advanced both in its ability to recover metal from dross and process the residues into products that have tremendous market potential in India,” opined TIC’s CEO Frank Pollmann.
“RUSAL’s long lasting experience in production of aluminium powders and pastes as well as Runaya Metsource’s strong position as a local player create solid competitive advantages for the JV,” Rusal’s director of new projects Alexey Arnautov chimed in.