India’s state-owned steel producers Steel Authority of India Limited and NMDC Limited are exploring acquisitions of coking coal assets in Russia as part of a broader strategy to secure critical raw material supplies, according to sources familiar with the discussions.
The move comes as India, the world’s second-largest steel producer after China, seeks to reduce its reliance on imported raw materials and strengthen long-term supply security. A delegation from India reportedly held preliminary talks in Russia last month with government and industry representatives, with SAIL also forming an internal committee to evaluate potential opportunities.
In addition to coking coal, India is also in early discussions to boost imports of nickel from Russia. Nickel is a key input for stainless steel production and electric vehicle batteries, making it strategically important as India targets aggressive EV adoption by 2030. The country currently imports nickel mainly from China, Japan, Norway, and the U.S., with only limited volumes coming from Russia.
The initiative aligns with India’s broader critical minerals strategy, which includes securing stable supplies of materials such as lithium, cobalt, and rare earths. With coking coal already designated as a critical mineral due to heavy import dependence, the government is actively encouraging companies like SAIL and NMDC to explore overseas assets to support future steel production and clean energy ambitions.
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