The cost of a Russian-Indian project to build a titanium facility in east India could double due to rising expenses. The project to build the facility in the state of Orissa to produce titanium dioxide and other titanium products was initially estimated at USD 260 million but is expected to rise to USD 500 million. The decision to establish a Russian-Indian titanium producing facility, Titanium Products Private Ltd, was made at a Russia-India summit in January 2007. A corresponding agreement was signed between Russia’s State Property Committee, the St. Petersburg-based engineering company Tekhnokhim Holding and India’s Saraf Group in February 2008. Russia’s share in the project is 55% and is expected to be financed with funds set aside by India to repay its outstanding debts to Russia. The construction of the titanium facility on a 100 hectare site is expected to last 24 months and be completed by October 2010.