Hello!
The balanced chemical equation for this reaction is the following one:
TiCl₄(g) + 2Mg(l) → Ti(s) + 2MgCl₂(l)
This reaction is crucial to the production of Titanium Metal. Titanium Tetrachloride is the product of the reduction of Titanium ores, in a reaction called "The Chloride Process". After that process, the product, Titanium Tetrachloride, is reacted with Magnesium metal as described in the reaction before. This process is called "The Kroll process"
Have a nice day!