India's state-owned Steel Authority of India (SAIL) and NMDC Ltd are exploring acquisitions of coking coal assets in Russia to secure critical raw materials, sources said.
A delegation from India visited Russia last month for preliminary talks with government and industry executives, according to three sources familiar with the matter.
India is also looking to boost imports of nickel from Russia, with initial talks held in New Delhi in April, two Indian sources and a Russian source said.
India currently imports nickel from China, Japan, Norway, and the United States, with only small quantities coming from Russia.
Nickel is crucial for India's electric vehicle supply chain, especially for batteries, as New Delhi aims for electric vehicles to account for 30% of cars and 80% of two-wheelers by 2030.
India is seeking stable supplies of key raw materials as it boosts steel output and transitions to cleaner energy.
