Saraf Agencies has filed a notice to exit out of the JV which planned to set up the integrated chemical and metallurgical complex (ICMC) to produce titanium dioxide and other titanium products at Chhatrapur in Ganjam district of Orissa.

The Rs 2000-crore project has been in a limbo as the JV partners had failed to arrive at any settlement even after several rounds of talks. The other JV partners are Russia based Russian Federal Agency for State Property Management and JSC Technochim Holding.

In Phase I of the project, Titanium Projects proposed to invest about Rs 1,200 crore, while Rs 800 crore was to be invested in the second phase. The first phase was slated to be completed within a period of 24 months and production was scheduled to commence from October 2010. The titanium complex aimed to produce 1,08, 000 tonne of titanium slag, 68,000 tonne of high purity pig iron, 40,000 tonne of di-oxide pigment and 10,000 tonne of titanium sponge.

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