The consortium of government-backed companies would make it easier for steel companies to import coking by reaching out to suppliers in different countries, negotiating prices and other terms of import deals, and eventually selling the imported raw material to local steel mills, the sources said.
India, ranked as the world s third-largest consumer of energy, has witnessed a notable increase in power generation, registering a 7.71% surge from April to November 2023 compared to the corresponding period of the previous year.
India's purchases of coal and related products jumped more than six-fold in the 20 days through Wednesday from the same period a year earlier to $331.17 million.
The decision to boost imports underscores the severity of India's fuel crisis as coal inventories are at the lowest pre-summer levels in at least nine years and electricity demand is seen rising at the fastest pace in nearly four decades.