Runaya Metsource flexes its muscle; formulates another metals startup

Runaya Metsource is a metal manufacturing startup started by Naivedya and Annanya Agarwal, scion of Vedanta Group’s chairman Navin Agarwal. Runaya Refining, the new metal startup thought of by the founders will harness the cutting-edge technology of Bahrain’s Taha International, which owns the patent for converting waste aluminum into value-added products. Metsource will be the parent company of the new startup which will solely be headed by Annanya Agarwal. It has signed a technology licensing pact with Taha International WLL to leverage patented technology for aluminum dross processing. Taha has developed a unique two-stage dross process to recover metal from dross, a by-product of the aluminum industry, a process that has removed the need for salt or extra energy.

Annanya Agarwal, CEO of Runaya Refining, said that “Our vision is to enable growth in this sector by introducing innovative value added products for the Aluminium industry. This is an advanced technology that has tremendous market potential in India, and can contribute significantly to India’s manufacturing sector”.

Once the deal is signed, the project will enter execution phase, and the startup will setup its first manufacturing facility in Jharsuguda with an initial capacity of 30,000 MT. It expects to commission Phase 1 by end of 2017 and commence commercial production in 2018. The scope of the project includes 2 phases with with an investment of $ 25 million.