OIL, IREL ink MoU to boost collaboration on rare earth elements and critical minerals

In a strategic move to bolster India’s self-reliance in sourcing vital minerals, Oil India Limited (OIL) and IREL (India) Limited have signed a Memorandum of Understanding (MoU) to jointly collaborate on the development of rare earth elements and critical minerals. The agreement was signed in Mumbai by Ranjan Goswami, Executive Director (Business Development) of Oil India, and Ravi Prakash Jha, General Manager (Projects) of IREL. The signing ceremony took place in the presence of Dr Ranjit Rath, Chairman and Managing Director of Oil India, and Sarada Bhushan Mohanty, Chairman and Managing Director of IREL, along with senior officials from both companies. Oil India, a Maharatna Central Public Sector Enterprise under the Ministry of Petroleum and Natural Gas, is known for its operations in crude oil and natural gas exploration, production, and transportation. The company has recently diversified its portfolio to include critical minerals in view of their rising strategic importance.

IREL, a Miniratna PSU under the Department of Atomic Energy, specializes in mining and processing mineral sands and is a key player in the extraction and refining of rare earth elements. This partnership comes under the framework of the National Critical Mineral Mission launched by the Government of India. The MoU is seen as a major step forward in securing the nation’s supply chain for minerals vital to energy security, electronics, defence, and emerging technologies such as electric mobility and renewable energy. Officials said the collaboration will not only enhance domestic capacities but also support India’s technological growth and reduce import dependency on strategically significant minerals.