Indian-based company Runaya has signed a joint venture contract with Australian firm Minova to produce products for the mining sector.
Minova is a completely-owned division of Australia-based Orica, which is a supplier of mining support systems and explosives. The joint venture
, Minova Runaya Pvt Ltd, will join Runaya’s project and developed capabilities with Minova’s technical expertise and global reach.
Runaya is a metals start-up founded by sons of Navin Agarwal, Vedanta’s vice-chairman. Runaya will hold a 49% stake in the JV with Australian-based Minova to manufacture products for the mining sector.
Minova chairman Naivedya Agarwal was quoted as saying that the joint venture has set aside about $33.42 million to launch a new modern facility at Bhilwara in Rajasthan, India.Production at the facility is likely to commence in either December 2020 or January next year.
The joint venture project is expected to generate nearly two thousand direct and indirect jobs. Minova Runaya Pvt Ltd (MRPL) is presently constructing a facility at Bhilwara in Rajasthan that will manufacture products like rock bolts, wire mesh, resin capsules, injection chemicals, and high-quality ventilation systems.
Production is planned to begin in January 2021, with the facility catering to both global markets and Indian markets,
it added. The plant will have the ability to generate over four hundred and fifty crore rupees of revenue and will provide direct and indirect employment for more than two thousand people, MRPL said. India-based mining startup Runaya Metsource, which is led by the Vedanta next-generation, and Australian company Minova International have created a joint venture to bring cutting-edge technology to Indian and international mining and infrastructure sectors.
The facility in Bhilwara, concurrent with the government’s ‘Make in India’ and ‘Atmanirbhar Bharat’, will afford products and services which were thus far unavailable in the country and had to be imported, he added. For Minova, this JV is key in the execution of its global growth strategy
. The firm aim is not just to supply Indian demand with locally manufactured products, but also enable us to supply our ground support products to other keys.