India can fulfil 50% coking coal requirement from Russia: JSPL MD

India can fulfil its 50 per cent requirement of coking coal from imports from Russia, a top industry executive has said.

On Wednesday, the Union Cabinet chaired by Prime Minister Narendra Modi approved a pact between India and Russia regarding cooperation on coking coal.

At present, for sourcing of the key steel making raw material, domestic players remain dependent on imports from a select group of countries.

V R Sharma, Managing Director of Jindal Steel and Power Ltd (JSPL), said "the government has taken a farsighted decision to encourage Russian miners to supply coking coal to Indian steel mills. India can import at least 50 per cent coking coal from Russia and balance from other countries."

"This will make the cost effective blend of coking coal for making metallurgical coke."

Around 85 per cent of India's coking coal demand is met through imports. The cooperation with Russia will help India reduce its dependence on far-located countries like Australia, South Africa, Canada and the US for sourcing of coking coal.

It will also reduce per tonne cost of steel production, as Russia is geographically closer compared to the said countries.