Economic Times reported that the chairman of the supervisory board of the Russian mining and metals company Basic Element, Mr Oleg Deripaska, called on the union minister of steel and mines, Mr Narendra Singh Tomar on Friday to explore partnerships in developing bauxite in India.

Mr Deripaska is accompanying President Mr Vladimir Putin during his visit to India, expressed interest in associating with Indian aluminium sector by developing high-end and sophisticated downstream facilities.

He said that "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."

He added that he would return with a project plan to this effect, after studying the legal and operational framework of Indian economy.

Mr Tomar welcomed the interest evinced by the group, and apprised them of the initiatives being taken by Indian government to facilitate investment.

Basic Element is the leading player in metal, mining, hydropower and nuclear energy sector in Russia.