Cabinet Approves India Russia Coking Coal MoU
India’s Union Cabinet, chaired by the Prime Minister Mr Narendra Modi, have approved the Memorandum of Understanding between India’s Steel Ministry and Russia’s Ministry of Energy on cooperation regarding coking Coal, which is used for Steel making. The objective of the MoU is to strengthen cooperation between Govt. of India and Govt of Russia in the steel sector. The activities involved in the cooperation are aimed at diversifying source of coking coal.
The MoU will provide an institutional mechanism for co-operation in the coking coal sector between India and Russia. The MoU shall benefit the entire Indian steel sector by reducing their input cost. This may lead to reduction in cost of steel in the country.