Russia's first deputy prime minister, Sergei Ivanov, said January 22 that Vsmpo-Avisma, the world's leading titanium producer based in the Perm Territory in the Urals, which controls a third of the world's titanium market, had confirmed its readiness to consider a joint venture with India to produce titanium, which is widely used in military-oriented products.
Vsmpo-Avisma CEO Vladislav Tetyukhin said his corporation is to hold more detailed talks on the subject in the second quarter of 2007.
"The talks could be at government level or specifically with the organizations we have visited," he said.
India's debt to Russia is about 40 billion rupees ($900 million) and the countries have been in talks on investing the debt in joint projects in India rather than traditional purchases of Indian products.
The main partners of Vsmpo-Avisma, which was established in July 2005, are U.S. and European aircraft giants Boeing and Airbus, which account for 30% of its earnings. Rosoboronexport owns 66% of the company's stock.
