UPDATE: Runaya signs two JV worth $75 million to produce aluminium paste and powder

Metals start-up Runaya signed two joint venture (JV) agreements worth $75 million with Russia’s UC Rusal and Bahrain’s Taha International Corporation (TIC) for the production of high technology aluminium paste and powder and sustainable solutions to the Indian aluminium industry.

Runaya Metsource LLP (RML) said in a statement, “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.”

“Aligned with the Government of India’s ‘Make in India’ mission, both the JVs will be set up entailing investments worth $75 million.”

RML inked a JV with Russia’s UC Rusal on equal terms to establish aluminium pastes and powders production unit in India. RRL tied up with Bahrain’s TIC for using patented technology for aluminium dross processing.

Annanya Agarwal, CEO RRL said, “Along with ramping up dross processing capacity in phases, we plan to provide other innovative sustainability solutions for Aluminium industry. 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.”

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Naivedya Agarwal, CEO Runaya Metsource, said, “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.”

Runaya said that the plant will produce 10,000 tonnes every year and the production is expected to start in 2018.

Frank Pollmann, CEO, Taha International Corporation, said, “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.”

Alexey Arnautov, UC RUSAL’s director for new projects said, “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.”