Oil India Signs MoU with IREL for Critical Mineral Development

• Oil India and IREL signed an MoU to develop critical minerals under the National Critical Mineral Mission
• Oil India focuses on oil and minerals; IREL specializes in rare earth mining and refining
• The partnership aims to secure key minerals for India’s energy and technology needs

Oil India Limited and IREL (India) Limited formalized their collaboration towards critical minerals development by signing a letter of intent (MoU) in Mumbai recently.

Ranjan Goswami, Executive Director, Business Development - Oil India and Ravi Prakash Jha, General Manager (Projects) - IREL signed the MoU in Mumbai in the presence of Oil India's Chairman and Managing Director, Ranjit Rath, and IREL's Chairman and Managing Director, Sarada Bhushan Mohanty.

Other Senior Officials from both the PSUs also attended the signing ceremony. The collaboration with IREL is part of the Government of India's National Critical Mineral Mission. Both Oil India and IREL have been identified as participating public sector undertakings (PSUs) under the National Critical Mineral Mission.

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Oil India is a Maharatna PSU and operates under the Ministry of Petroleum and Natural Gas. Oil India is diversifying from oil and gas to critical minerals and brings a track record of exploration, development, production and transportation of crude oil and natural gas.

IREL Limited is a Miniratna PSU and operates under the Department of Atomic Energy while developing mineral sands and obtaining and processing these sands as part of obtaining various rare earth elements, including the extraction and refining of any of the rare earth elements as minerals.

The partnership will help both companies secure, develop and access strategic mineral resources important to India's energy security and technological development, while strengthening India's self-reliance in critical minerals.