Cabinet approves pact with Russia on cooperation for coking coal

The Union Cabinet Wednesday 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.