The Indian state run Gujarat Mineral Development Corporation said three joint venture projects proposed by it had been approved by the Gujarat government.

Mr VS Gadhavi MD of GMDC told PTI that "We have got government's nod recently to set up three JV projects. The land has already been acquired for two of these projects by our JV partners.”

In the first JV, GMDC plans to set up a speciality aluminium chemical project in Kutch district in collaboration with Alumina Refinery Pvt Ltd, with investment of INR 30 crore. The plant will have 18,000 tonnes per annum production capacity and require 54,000 tonnes per annum of bauxite. GMDC will have 26% stake while Alumina Refinery will hold 74% stake in the JV. The project will have equity debt ratio of 1:2.

In the second JV, GMDC will set up a zeolite, dry beneficiation and proppants projects in Kutch in collaboration with Credo Industries, with investment of INR 70 crore. The plant, with production capacity of 40,000 tonnes per annum, will require around 120,000 tonnes per annum of bauxite. GMDC will have 26% stake while its partner will hold the remaining stake. JV partner has already acquired the land; GMDC will invest INR 4.94 crore in the project, while the partner firm will be investing INR 14.06 crore, an official said. The project will have debt equity ratio of 2:1. Zeolite is a substitute for detergent fillers.

The state PSU has also got approval to set up a flurospar plant in a JV with Gujarat Flurochemicals and Navin Fluorine International at the investment of INR 40 crore. The plant will have production capacity of 40,000 tonnes per annum and will require 2.5 million tonnes per annum of fluorspar ore, to be provided by GMDC on a 15% margin basis. GMDC will have 50% stake, while the other two will hold 25% stake each.

(Sourced from ET)