DULIAJAN, 8 Aug: The Oil India Limited and IREL (India) Limited signed a memorandum of understanding (MoU) in Mumbai on Thursday to cooperate and collaborate for development of critical minerals.
The MoU was signed by OIL Executive Director (BD) Ranjan Goswami and IREL general manager (projects) Ravi Prakash Jha, in the presence of OIL Chairman and Managing Director Dr Ranjit Rath, IREL chairman and managing director Sarada Bhushan Mohanty, and other senior officials of both the companies.
The OIL and IREL’s partnership marks a crucial milestone in India’s pursuit of self-reliance in critical minerals and rare earth elements. As part of identified PSUs under the National Critical Mineral Mission of the Government of India, this collaboration will play a vital role in securing strategic mineral resources essential for the nation’s energy security and technological advancement, said an official statement from OIL.