Kazakhstan based Ust-Kamenogorsk Titanium and Magnesium Plant JSC (UKTMP JSC), one of the world’s largest vertically integrated titanium producers entered into a high value and strategic joint venture with IREL (India) Limited (IREL), a Central Public Sector Undertaking under the Department of Atomic Energy.

The joint venture involves a mega project of setting up of a state-of-art titanium slag production plant in the State of Odisha.

Rise Legal advised and represented UKTMP JSC on forming the joint venture and on forming step subsidiary of UKTMP JSC in India.

The transaction team was led by Ritika Ganju (Managing Partner), with support from Mohana Dasyam (Senior Associate) and Milind Sharma (Associate).

The joint venture is of significant importance to India. This venture will act as a catalyst in converting low grade ilmenite produced in Odisha into high grade titanium feedstock. The proposal, once implemented, is expected to develop industry in titanium value chain and generate direct and indirect employment including the downstream industry to the tune of 8,000 to 10,000. The offtake arrangement by UKTMP JSC shall be instrumental in bringing valuable forex for India. The Indian government views that this project shall enhance the brand equity of both the companies as well as act as growth engine for India and Kazakhstan in the titanium value chain.

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