Shareholder Row Over Ttianium Project

Russian and Indian shareholders in a $260 million titanium project have announced a split amid mutual accusations of contract violations, but will continue building a factory in east India each on their own, the Russian partner said on Saturday.
Yury Medvedev, deputy head of Russia's State Property Management Agency that holds 51% in the joint venture, said the agency made a decision to end cooperation with India's Saraf after visiting the Orissa State, where the factory is planned to be built, on Thursday and meeting the local industry minister.

"The Russian side has received the Indian partner's notification that it wants to withdraw from the project and gave its consent," Medvedev said.

"The Orissa government has reaffirmed its interest in the project and pledged its support," he added.

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