Trimex group (Prasad Koneru, Chairman), a Dubai-headquartered industrial minerals company today said it will set up a titanium plant in Andhra Pradesh by 2014 entailing an investment of about Rs 2,250 crore.
"We plan to set up a titanium pigment plant at Srikakulam in Andhra Pradesh with a production capacity of 44,000 tonnes per annum in the next three years," Executive Director and CEO of the group subsidiary Trimex Sands, Pradeep Koneru told reporters.
India requires 1,50,000 tonnes of pigment against a production of only 50,000 tonnes per annum, Koneru said adding that environment clearance is awaited for the $500 million (about Rs 2,250 crore) project.The group earlier inked a pact with Indonesian government today for setting up a $850 million (about Rs 3,825 crore) titanium pigment plant in the South-east Asian country with 46,000 tonnes capacity per annum.
"Timex Sands will set up a world-class integrated titanium complex in Indonesia with an estimated cost of $850 million in eight to ten years," Koneru said adding the project is expected to create about 6,500 jobs there.
Indonesia Industry Minister M S Hidayat said the proposed plant will ensure regular supply of the pigment to the end users at a cost-effective price.
"Indonesia has large limenite resources, about 40 million tonnes, despite which the country annually imports about 46,000 tonnes of titanium pigment," he said.
Trimex group Chairman Prasad Koneru said the integrated titanium complex in Indonesia will expand the company's reach in the global market and widen its product mix.
Trimex group is a mineral business house with interests in extraction, sourcing, procurement, delivery etc.
Titanium has wide applications and can be alloyed with iron, aluminum, etc to produce strong lightweight alloys for aerospace, military, industrial process, automotive, agri-food,orthopedic implants, dental instruments etc.