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Runaya inks JV pact with Minova to make mining products

Monday, 27 Jul 2020
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Runaya, a metals start-up founded by Vedanta, has signed a joint venture (JV) pact with Minova, a wholly-owned division of Australia-based Orica, to manufacture niche products for the mining sector.

The start-up and its Australian partner have floated a joint venture company Minova Runaya (MRPL), in which Runaya will hold 49 percent stake. The JV partner Minova's parent Orica is global leader in mining support systems and explosives with revenue of Australian USD six billion (Rs 32,000 crore).

The JV has earmarked around Rs 250 crore to set up a manufacturing facility at Bhilwara in Rajasthan. Production is expected to start in December 2020 or January 2021 and the project will give jobs to around 2,000 people directly and indirectly.

During Phase-I, the JV will be investing around Rs 100 crore, which will generate around Rs 450 crore in the next two years.

The facility will manufacture products including rock bolts, resin capsules, injection chemicals, wire mesh and high-quality ventilation systems for both domestic and export markets. Nearly 50 percent of the production will be for export markets.

Runaya will be the first company to manufacture these products for Indian miners who are importing them so far. Going forward the JV will explore manufacturing other products in the Minova's portfolio in India.

JV partner Minova provides ground support systems for mining, construction and energy industries. Operating in over 40 countries with 15 manufacturing plants, it offers innovative ground support products and solutions, including steel rock bolts, self-drilling anchors, resin capsules, injection chemicals, bulk and capsule grouts, cementitious powders, bolting and ventilation systems.

At its end, Runaya is working with other foreign partners for aluminium recovery from aluminium dross, minor metal recovery in the zinc value chain - extracting and refining 100 percent cadmium (and other minor metals) from zinc waste and fibre reinforced plastic, of which it makes one million km.

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