India is interested in investing in mining projects in Russia and is considering buying a mine in whole or in part. This was announced on May 18 by Sandeep Poundrick, Deputy head of the Indian Ministry of Heavy Industry and Steel.
“We want to cooperate both in procurement and import, as well as through the participation and investments of Indian companies in Russia,” he said. “We want Indian companies to come to Russia and invest in coal mining and other mining projects. We are considering acquiring shares in existing fields, fully purchasing the field or partially participating.”
Poundrick clarified that these matters are part of commercial negotiations. He noted that India is interested not only in coking coal but also in nickel, manganese and other raw materials used in metallurgy. The representative emphasized that Russia and India have significant potential for cooperation based on their respective raw material bases.
Separately, Sujata Sharma, a representative of the Indian Ministry of Oil and Gas, stated on May 18 that Russian oil supplies to India continue regardless of American sanctions decisions or exceptions thereto. She stressed that oil trade is conducted based on commercial interests of oil companies and added that India does not face an oil shortage.
