New Delhi: In a strategic move to strengthen the global supply chain of critical minerals, three major Indian entities namely - Oil India Limited (OIL), ONGC Videsh Limited (OVL), and Khanij Bidesh India Limited (KABIL) have signed a memorandum of understanding (MoU) with UAE-based International Resources Holding RSC Limited (IRH).
The agreement aims to facilitate collaboration in the identification, acquisition, and development of critical mineral projects both globally and within India.
This partnership seeks to enhance cooperation between the involved parties by leveraging their expertise, resources, and networks. A key focus will be securing a stable supply of critical energy minerals—essential for industries such as energy storage, electric vehicles, and renewable energy technologies.
The MoU outlines a framework for project identification, joint due diligence, and the development of risk management strategies. In addition, the agreement includes plans to devise long-term offtake strategies, ensuring a steady supply of these crucial minerals for the participating entities.
The cooperation is expected to open up new opportunities for both Indian and global players in the critical minerals market, reinforcing India's role in the global energy transition.
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