New Delhi: In a move to boost the global supply chain of critical minerals, 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 (IRH). The agreement, signed in New Delhi, aims to collaborate on identifying, acquiring, and developing critical mineral projects both globally and in India.
The partnership focuses on securing a stable supply of critical minerals, essential for industries like energy storage, electric vehicles, and renewable energy technologies. The MoU outlines plans for joint project identification, due diligence, and risk management strategies. It also includes long-term offtake agreements to ensure a consistent supply of these key minerals.
By combining the expertise and resources of the participating entities, the collaboration is expected to enhance India’s position in the global critical minerals market and support the country’s energy transition goals. This partnership could open new avenues for cooperation between Indian and global players in the evolving critical minerals sector.
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