The JV, Minova Runaya Pvt Ltd (MRPL), will bring together Minova's technical expertise and global reach with Runaya's project and manufacturing capabilities, the pair said. Financial details were not disclosed.
Currently, MRPL - in which Runaya will have a 49% stake - is building a manufacturing and supply facility in Bhilwara, Rajasthan for rock bolts, resin capsules, injection chemicals, wire mesh and high-quality ventilation systems. It is targeting January 2021 to start production there and will supply domestically and internationally.
"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," MRPL chairman and Runaya Metsource CEO Naivedya Agarwal said, noting that it will be providing products and services that until now were only available in India by import.
"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," Minova president Hugh Pelham added.
Minova is a wholly owned division of Orica.