New Delhi: In a strategic move aimed at bolstering India’s self-reliance in critical mineral resources, Oil India Limited (OIL) and IREL (India) Limited have signed a Memorandum of Understanding (MoU) on Tuesday to collaborate in the development and sourcing of critical minerals. The agreement was formalised at a ceremony held in Mumbai.
Oil India, a Maharatna PSU under the Ministry of Petroleum & Natural Gas, is a leading integrated oil and gas company with extensive capabilities in the exploration, development, production, and transportation of crude oil and natural gas. In light of the increasing global and domestic importance of strategic minerals, OIL has now diversified its portfolio to include critical minerals alongside its traditional operations.
IREL, a Miniratna PSU operating under the Department of Atomic Energy, specialises in mining and processing mineral sands, and is a key player in the extraction and refining of rare earth elements—vital components in clean energy technologies, electronics, and defence applications.
This partnership between two prominent PSUs marks a significant milestone in the Government of India’s National Critical Mineral Mission, which aims to ensure a stable and secure supply of essential minerals critical to energy transition, national security, and technological innovation.
The MoU has been signed by Oil India's Executive Director (BD) Ranjan Goswami and IREL's General Manager (Projects) Ravi Prakash Jha, in the presence of Oil India's Chairman & Managing Director (CMD) Dr Ranjit Rath and IREL's CMD Sarada Bhushan Mohanty along with senior officials from both organisations.
The collaboration is expected to leverage the strengths of both PSUs and contribute meaningfully to India's long-term strategic mineral requirements, thereby supporting the country's energy security and technological advancement goals.
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