Indian Company Plans to Launch a Project in Zhambyl Region
The management of M/S TIRUMALA BALAJI ALLOYS P. LTD (India) arrived on a business visit to Taraz. Nurzhan Nurzhigitov, Akim of Zhambyl region held a meeting with a delegation headed by Managing Director Manish Rungta.
Arnold Gering, Regional Director of national company KAZAKH INVEST in Zhambyl region, Bauyrzhan Aitkulov, Industry Executive of the Task Force division of national company KAZAKH INVEST, management of the Entrepreneurship Department, management of Industrial Zone “Taraz” and others also took part in the meeting.
The parties discussed the implementation of a large investment project - the construction of a plant for the production of ferroalloys. The cost of the project is $125 million. It is planned that the launch of the plant will create 450 new jobs and will help to improve the export potential of the region. The manufactured products are planned to be supplied both to the domestic market of Kazakhstan and to the markets of neighboring countries.
During the meeting, the parties signed a number of cooperation documents. Therefore, a memorandum of cooperation was signed between the Akimat of Zhambyl region and M/S TIRUMALA BALAJI ALLOYS P. LTD. Cooperation agreements have been signed between M/S TIRUMALA BALAJI ALLOYS P. LTD. and Fincraft Resources JSC, as well as between the private company TB Alloys Kazakh Limited and Tas Market LLP.
Currently, the Indian company is developing a business plan for the investment project and design and estimate documentation.
M/S TIRUMALA BALAJI ALLOYS P. LTD. over the past 5 years has successfully implemented a number of projects in India, and Kazakhstan is the first step for the company to launch international projects.