Russian Federation aluminium giant U.C. Rusal announced a new joint venture with Runaya Metsource LLP, a partnership between Annanya Agarwal and Naivedya Agarwal, two principal shareholders of Vedanta Resources plc.
According to the announcement, the joint partnership will be to establish a plant in India dedicated to the production of high-tech aluminium pastes and powders for high-end applications in industries including additive technologies and solar energy production.
Once completed, the plant is projected to have a production capacity of 10 thousand metric tons per year. Construction of the plant is slated to begin this year, with production to begin next year. The project will be conducted in stages, with site selection in India to be conducted after registering the joint venture. Products made at the plant are to be marketed to customers on the Indian subcontinent, Southeast Asia, and the Middle East, as Rusal indicates that those locations are experiencing significant growth in demand for such products.
“RUSAL’s strategic priority includes the increase in production and sales of high value added products, including the creation of joint ventures,” said Alexey Arnautov, RUSAL’s director for new projects. “A combination of RUSAL’s long lasting experience in production of aluminium powders and pastes as well as Runaya Metsource’s strong positions as a local player create solid competitive advantages for the JV and is an excellent foundation to penetrate the market.”
“Runaya’s strategy is to enter businesses focusing broadly on material sciences and manufacture products with high technology applications through alliances and partnerships with global leaders,” explained CEO Runaya Metsource and designate Managing Director of the Joint Venture Naivedya Agarwal. “I’m delighted with this joint venture with Rusal, which will innovate and produce high end aluminum based products for fast growing global and regional markets.”