Alrosa keen on setting up JV in India

At the India-Russia trade and investment forum recently held, Alrosa showed interest in employing India�s diamond and cutting talents for its roughs. Possibilities are afloat that Alrosa would ship its roughs to India, and entrust a JV in the country to undertake the cutting and polishing, reported Interfax news agency.

Alrosa will invite Indian companies that are willing to enter into a long-term supply agreement to participate in a rough diamond tender. At the forum, India�s union minister of commerce and industry, Kamal Nath, and Russia�s minister of economic development and trade, Elvira S. Nabiullina, signed a protocol, which defines the terms for an overall bilateral investment and trade cooperation, according to an official release.

The forum progressed with four parallel sessions on various sectors which called for mutual cooperation like mines and minerals, energy and power, transport and infrastructure, pharmaceuticals, biotechnology and information technology. G.K.Pillai, department of commerce secretary, co-chaired a session on business environment.

During the year 2007, India�s rough diamond imports rose by 14% year-on-year to $9.58 billion, while its polished diamond exports were up by 22%.