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India Eyes Russian Coal and Nickel for EV Boom
9 Jun
Summary
- India is seeking coking coal and nickel from Russia.
- New Delhi aims for 30% EV car sales and 80% two-wheeler sales by 2030.
- SAIL and NMDC are exploring acquisitions and imports from Russia.
India is strategically engaging with Russia to secure essential raw materials, focusing on coking coal and nickel, crucial for its expanding steel production and ambitious electric vehicle (EV) targets. State-owned entities, including Steel Authority of India (SAIL) and NMDC Ltd, have dispatched delegations to Russia for preliminary discussions. These talks aim to establish stable supply chains for minerals vital to India's clean energy transition and automotive sector growth.
New Delhi has set a bold objective for electric mobility, envisioning EVs to constitute 30% of new car sales and 80% of two-wheeler sales by the year 2030. Currently, EV penetration stands at approximately 6% for cars and 9% for two-wheelers. Securing consistent imports of nickel, currently sourced mainly from China and Japan, and diversifying coking coal supplies, largely dependent on Australia, are key priorities for India.
