BAHRAIN / INDIA
The Agarwal sons — Naivedya and Annanya, whose father Navin Agarwal is the chairman of Vedanta Ltd, would lead the operations of the new startup. Runaya Metsource, the parent of Runaya Refining, is funded by the “principal shareholders’ of the Vedanta group – and is already termed as the fastest growing manufacturing start-up in the metal sector.
Annanya, who is heading the company, has worked with the Boston Consulting group, and McKinsey, and in the investment banking team in Singapore at the Standard Chartered Bank.
“Our vision is to enable growth in this sector by introducing innovative value added products for the Aluminium industry. This is an advanced technology that has tremendous market potential in India, and can contribute significantly to India’s manufacturing sector,” Annanya Agarwal, CEO of Runaya Refining, told ET.
Taha International has developed a unique two-stage aluminium dross process to recover metal from dross, a by-product of the aluminium industry without the need for salt or extra energy. The patented technology helps refine the by-products which normally end up in landfill. According to a senior executive from the company, Runaya Refining selected this technology after a rigorous evaluation process that involved judging the claims of competing solutions.
The project is now at the execution phase after the signing of agreement which will initiate the set-up of a facility in Jharsuguda, with an initial capacity of 30,000 MT. RRL expects to commission the first phase of the project by 2017 end and start commercial production in 2018. The project involves an investment of $ 25 million.
The agreement allows RRL to obtain Taha International’s technology for exclusive operations in India, and secure global distribution rights. RRL can also access Taha International’s Project Management Services (PMS) to ensure successful implementation of the technology process at its facilities.
It was reported earlier that Runaya Metsource, the parent company of RRL would create an equal joint venture with Oleg Deripaska’s Rusal for precision applications, such as rocket fuels, solar energy, and additive or 3D manufacturing.