According to India’s Business Standard, Runaya Metsource, a metals start-up founded by the sons of Vedanta Ltd Vice-Chairman Navin Agarwal, has signed a joint venture (JV) pact with Minova, the underground ground support focussed wholly-owned division of Australia-based explosives giant Orica, to manufacture mining rock reinforcement products.

The report says the start-up, founded by Naivedya Agarwal and Annanya Agarwal, and its Australian partner have floated joint venture company Minova Runaya Pvt Ltd (MRPL), in which Runaya will hold a 49% stake.

Speaking to Business Standard, Naivedya Agarwal, Chairman of MRPL said the JV has earmarked around $33.5 million 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 $13.5 million, which would generate around $60 million in the next two years, said Agarwal. 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% of the production will be for export markets.

“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.