Kolkata-based Saraf Agencies Pvt Ltd (SAPL) has planned to perform the ground breaking ceremony for the much-awaited Titanium plant in Odisha's Ganjam district on January 17.
"I have been waiting to set up the Titanium project in Odisha for about 15 years. Now, we are ready to go for Bhoomi Puja on January 17," Saraf Group Chairman S M Shroff told reporters after meeting Chief Secretary B K Patnaik here.
Shroff apprised the state government of the company's plan and sought its help to expedite SAPL application for mining operation and permission for mineral separation.
Claiming that the legal battle with the Russian partner would have no impact on the proposed project, he said: "The land is in SAPL's name. Therefore, there is no problem in going for ground breaking ceremony on the company's land."
The company has planned to invest Rs 5,000 crore in the Titanium Park project spread over 260 acre of land. The company has sought additional land for expansion, he said.
"SAPL will set up the Titanium Park at Chhatrapur in Ganjam district alone with help from China. We do not need any partner," he said.
"Every thing including technology is available in China. They will come and develop the plant on hire basis without becoming partner in the project," Shroff said, adding SAPL had acquired special economic zone status for its project.
The group had earlier tied up with a Russian firm and formed a joint venture company known as Titanium Products Private Ltd to set up a Titanium complex in Odisha. However, the joint venture failed to take off due to dispute between partners and the case is now under consideration of the arbitrator.
Asked whether SAPL would pay compensation to its Russian partner for break up, Shroff said: "I have claimed Rs 1,200 crore from them. Let the arbitrator decide."
Terming titanium as the metal of the 21st century, Shroff said the company was hopeful of starting titanium slag production by March/April 2014. "In 20 months, we plan to start producing titanium dioxide," he said.
Stating that they would set up a titanium park to manufacture various titanium products like, high titanium slag,