New Delhi: In a Union cabinet meeting, the Memorandum of Understanding (MoU) between the Ministry of Steel of the Republic of India and the Ministry of Energy of the Russian Federation on cooperation regarding Coking Coal, which is used for Steelmaking, was approved by Shri Narendra Modi, the Hon’ble Prime Minister of India.
The MoU signed between the Ministry of Steel of the Republic of India and the Ministry of Energy of the Russian Federation will benefit the entire steel sector by reducing input costings leading to the reduction in steel costs in the country and promote equity and inclusiveness.
Further, this approved MoU will provide an institutional mechanism for co-operation in the coking coal sector between India and Russia.
The objective of the MoU is to strengthen cooperation between the two nations, the Government of India and the Government of Russia in the steel sector. The activities involved in the cooperation are aimed at diversifying the source of coking coal.