Indsil Hydro Power and Manganese, along with Indsil Energy & Electrochemicals, has signed an agreement with the Muscat Overseas Group from the Sultanate of Oman (represented by Al-Tamman Trading Establishment LLC) to form a 50:50 joint venture for setting up a 75,000 tonne per annum ferro chrome smelter in Oman.

The project will have complete access to captive chrome, which will be mined from existing operations of the Muscat Overseas Group. The project is expected to cost around Rs 140 crore and will go operational by end-2011. Indsil will provide the technology, operating and marketing expertise for the proposed smelter project.