NEW DELHI: Runaya Metsource, a metals startup, has formed a joint venture with Minova International, a wholly-owned subsidiary of Australia-based Orica, to bring cutting edge technology solutions for infrastructure and mining sectors.
The joint-venture, Minova Runaya Pvt Ltd (MRPL), will combine Runaya’s project and manufacturing capabilities with Minova’s technical expertise and global reach.
“India-based manufacturing startup Runaya Metsource, which is led by the Vedanta next-generation, and Australian ground support services company Minova International have formed a joint-venture to bring cutting-edge technology solutions to Indian and international mining and infrastructure sectors,” a company statement said.
MRPL is currently constructing a facility at Bhilwara in Rajasthan that will manufacture products like rock bolts, resin capsules, injection chemicals, wire mesh and high-quality ventilation systems, the statement added.
Production is slated to commence in January 2021, with the facility catering to both Indian and global markets, it added. The plant will have the capacity to generate over Rs 450 crore of revenue and will provide direct and indirect employment for more than 2,000 people, it said.
“Runaya’s strategy is to develop businesses focusing broadly on material sciences, and manufacture products with high technology applications through alliances and partnerships with global leaders. We are looking forward to bringing transformational enhancements in safety standards and operational efficiency, by leveraging our technology-enabled solutions,” Naivedya Agarwal, Chairman, MRPL and CEO, Runaya Metsource said.
The facility in Bhilwara, concurrent with the government’s vision of ‘Make in India‘ and ‘Atmanirbhar Bharat‘, will provide products and services which were thus far unavailable in the country and had to be imported, he added.
“For Minova, this joint venture is a key step in the execution of our global growth strategy. Our aim is that this plant will not just cater to Indian demand with locally manufactured products, but also enable us to supply our ground support products to other key global markets from this newly established location,” Hugh Pelham, President, Minova International Ltd said.
Runaya is a manufacturing startup and its portfolio comprises projects based on highly innovative processes and advanced technologies. Minova is a wholly owned division of Orica, a global leader in mining support systems and explosives with revenues of AUD six billion
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