Chairman of the Supervisory Board of the Russian mining and metals company Basic Element, Oleg Deripaska called on the Union Minister of Steel and Mines Narendra Singh Tomar on December 12, 2014, to explore partnership potential in developing Bauxite related sector in India. Attached with Russian President Mr Vladimir Putin’s visit to India, Basic Element is the leading player in the fields of metal, mining, hydropower and nuclear energy in Russia. Deripaska principally expressed interest in associating with Indian aluminium industry by developing high-end and sophisticated downstream facilities. He said, “Countries like India, Australia, Indonesia, Latin America and Africa, which are rich in bauxite resources, can upturn future equations around the globe. Aluminium is the metal of future, and we are keen to help Indian industry migrate from export of raw bauxite and alumina, to the other end of the value spectrum. We see place for us in smelting, power generation, and in creating downstream facilities such as construction material and packaging.”
Tomar welcomed the interest evinced by the group, and apprised them of the initiatives being taken by Indian government to improve transparency and simplify procedures to aid global investment and knowledge-sharing. Mr Oleg Deripaska responded that he would return with a project plan to this effect, after studying the legal and operational framework of Indian economy. Joint Secretary, Ministry of Mines, Shri Arun Kumar, was also present on the occasion.