Runaya, a metals start-up founded by the sons of Vedanta Ltd Vice-chairman Navin Agarwal, 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, founded by Naivedya Agarwal and Annanya Agarwal, and its Australian partner have floated a joint venture company Minova Runaya Pvt Ltd (MRPL), in which Runaya will hold 49 per cent stake. The JV partner Minova’s parent Orica is the global leader in mining support systems and explosives with revenue of Australian $6 billion (Rs 32,000 crore).
Speaking to Business Standard, Naivedya Agarwal, Chairman, Minova Runaya Pvt Ltd (MRPL) said 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 or January and the project will give jobs to around 2,000 people directly and indirectly.