KGK to increase investments in Russia's retail, skill development and agriculture sector

October 15, 2020

Kolmar Group sees India as the largest importer of Coking coal in next 5 years

NEW DELHI, 15 October 2020: With major investments in mining raw diamonds and polished diamonds in Russia's Far East, KGK Group plans to increase investments to make forays in diamond and jewellery's retail segment in Russia.

Mr Sandeep Kothari, Group MD, KGK Group, while addressing CIS session at FICCI LEADS 2020 today, said "Apart from diamond and jewellery's retail segment, KGK Group is actively looking to invest in Russia for skills development and upgradation of existing skills in diamond cutting and polishing. For this purpose, we are developing a manufacturing plant in St. Petersburg. We intend to create 300 more jobs by 2021 by undertaking such efforts."

"Agriculture sector in Russia would be of immediate interest to KGK Group as well," he added.

Mr Shiv Khemka, Vice Chairman, Sun Group, stated, "The time is now for India and the region to redefine and re-invent the economic fabric. Future of this VUCA world makes it imperative to build a framework of digital connectivity and strategic trade and investments, leveraging complementarities the CIS economies have with India. FICCI remains committed to supporting the Government of India's strategic neighborhood policy with CIS economies. The FICCI LEADS Initiative is about reimagining and redefining an extended neighborhood, keeping diversity and sustainability at the core."

Ms Anna Tsivileva, Chairman of the Board of Directors, Kolmar Group, Russia said, "India is going to become the largest consumer of coking coal in the next five years, hence Kolmar Group is looking to further develop 'Energy Bridge' between India and Russia." She further said, "Our India focus is ably backed by the geographical location of our mining assets which are located in Russian Far East that gives us direct access to the trans-Siberian route and railway links. Despite the economic situation, we will continue to go forward keep building and realizing our projects."

"By 2023, Kolmar Group will become the largest producer and exporter of coking coal with 70 percent contributing to export. Our reserves are above more than 1 million metric tons now. With India expected to replace China as the largest consumer of coking coal, the country remains a top priority for us to reach out to."

Mr Ikramov Adkham Ilkhamovich, Former Dy. PM & Chairman, Chamber of Commerce and Industry of the Republic of Uzbekistan said, "This is the time to open a new chapter between India and Central Asia." He also invited the KGK Group to explore opportunities in the semi-precious stones and gold markets of Uzbekistan that KGK Group and its products are closely aligned to.

Ms Lilia W, CEO, Kolmar Group AG, Switzerland emphasized on the enhanced cooperation with Indian steelmakers. She said that India will become the largest coking coal consumer in the world and Kolmar Group would look forward in developing collaboration.

Mr James Martin, CEO, AIFC (Astana International Financial Centre) Business Connect Ltd said, "Logistics around Caspian Sea, the southern silk route and INSTC corridor play a key role to enhance connectivity. It is not only important to increase access by rail, the air cargo would also play a defining role in deepening trade and economic relations with number of land locked Central Asian economies. SME-SME cooperation would have to be focused on in cultivating the ground for future economic cooperation between the two regions."

KGK to increase investments in Russia's retail, skill development and agriculture sector

FICCI Media Division

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