Cabinet approves pact with Russia on cooperation for coking coal

The Union Cabinet approved a pact between India and Russia regarding cooperation on coking coal, a key steel making raw material, for which domestic players remain dependent on imports from a select group of countries. Around 85 per cent of India's coking coal demand is met through imports. The cooperation with Russia will help India reduce its dependence on far-located countries like Australia, South Africa, Canada and the US for sourcing of coking coal. It will also reduce per-tonne cost of steel production, as Russia is geographically closer compared to the said countries.

"The Cabinet, chaired by Prime Minister Narendra Modi, approved the MoU (memorandum of understanding) between the Ministry of Steel of the Republic of India and the Ministry of Energy of the Russian Federation on cooperation regarding coking coal," according to an official statement.

 

ET