Runaya Metsource & RUSAL JV to focus on Material Sciences and High-Tech Applications

Runaya Metsource, funded by Vedanta Group’s ‘principal shareholders’, and Russian aluminium billionaire Oleg Deripaska’s RUSAL are creating an equal joint venture for precision applications, such as rocket fuels, solar energy, and additive or 3D manufacturing.

Naivedya Agarwal, son of Navin Agarwal – Chairman of Vedanta Limited, will spearhead the joint venture in his independent capacity. Starting out with an initial capital of about $50 million, Naivedya’s maiden business venture Runaya Metsource will focus on material sciences and high-technology applications through global alliances and partnerships. The new company will produce high-end value-added aluminium pastes and powders to cater to applications primarily in additive technologies and solar energy, an executive said. Additive manufacturing refers to a process by which digital 3D design data are used to build up a component in layers by depositing material. The term ‘3D printing’ is increasingly used as a synonym for additive manufacturing.

“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. Currently, India’s demand for gas-based aluminium pastes/powders is met entirely through global supply. This will also give customers access to world-class R&D facilities for product development.” 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.”

According to Alexey Arnautov, RUSAL’s director for new projects, “RUSAL’s strategic priority includes the increase in production and sales of high value-added products, including the creation of joint ventures. A combination of RUSAL’s long lasting experience in the 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.”

The project that may come up on either of the two states on India’s eastern and western water margin — Odisha and Gujarat. The capacity of the venture will be 10 kilotonnes per annum, and commercial production should start in 2018. The project will be conducted in various 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 these locations are experiencing significant growth in demand for such products.

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