India-Russia to strengthen cooperation in steel sector
The Cabinet has approved the Memorandum of Understanding (MoU) between the Ministry of Steel and the Ministry of Energy of the Russian Federation on cooperation in coking coal, which is used for steel making by Indian mills.
The MoU shall benefit the entire steel sector by reducing their input cost. This may lead to reduction in cost of steel in the country and promote equity and inclusiveness, said the Cabinet in a release on 14 July 2021.
The MoU will provide an institutional mechanism for co-operation in the coking coal sector between India and Russia.
The objectives of the MoU is to strengthen cooperation between the two governments in the steel sector.
The activities involved in the cooperation are aimed at diversifying source of coking coal, said the Cabinet. #imports #manufacturing /fiinews.com
