The JV, Minova Runaya Pvt. Ltd (MRPL), will combine Runaya’s project and manufacturing capabilities with Minova’s technical expertise and global reach, to manufacture and supply ground support products that are tipped to set safety standards across mining, infrastructure and tunnelling applications, an official statement said. Runaya is led by Naivedya Agarwal as CEO, who is the son of Navin Agarwal, vice chairman of Vedanta.
MRPL is currently constructing the facility at Bhilwara in Rajasthan that will manufacture products including rock bolts, resin capsules, injection chemicals, wire mesh and high-quality ventilation systems. While production is slated to commence in January 2021, the facility will cater to both Indian and global markets. The plant will have the capacity to generate over Rs 450 crore of revenue and will provide direct and indirect employment for more than 2000 people.
Runaya is a fast-growing manufacturing start-up that leverages alliances with global industry leaders in their ventures, to set up pioneering projects in India.
Minova is a wholly owned division of Orica, the global leader in mining support systems and explosives with revenues of nearly A$6bn.
Naivedya Agarwal, chairman, MRPL 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.
“The facility in Bhilwara, concurrent with the Government of India’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.
Hugh Pelham, President, Minova International Ltd said: “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.”