India intends to build joint steel plant with Russia, expands mining cooperation

India is planning to build a steel plant in cooperation with Russia and is seeking to expand bilateral cooperation beyond metallurgy into the mining sector, including possible stakes in deposits or full acquisitions, Sandeep Poundrik, an Indian official, has stated.

Deputy Minister of Steel and Heavy Industries said, ahead of his visit to Russia, that New Delhi is considering various forms of participation, ranging from commercial supplies to direct investments by Indian companies in Russian mining projects, Caliber.Az reports, citing Russian media.

“We want Indian companies to come to Russia and invest in coal mining and other mining projects,” he said.

Poundrik added that different options are under discussion, including acquiring stakes in existing deposits, full ownership, or partial participation, stressing that these are matters for commercial negotiations.

He noted that Indian companies are showing interest in investments in coal, critical minerals and other raw materials.

The focus, he said, is not only on supplying raw materials to India but also on building a long-term and reliable resource base through investment.

The deputy minister also stressed that, in addition to coking coal, India is particularly interested in materials such as nickel and manganese used in steel production.

He made it clear that Russia has significant reserves of these resources, creating strong potential for expanding bilateral cooperation.

By Bakhtiyar Abbasov