Indian companies, including Khanij Bidesh India (KABIL), Oil India (OIL), and ONGC Videsh (OVL), have signed a pivotal Memorandum of Understanding (MoU) with International Resources Holdings RSC (IRH) of the UAE. This strategic collaboration marks a significant step toward bolstering the global supply chain of critical minerals. The agreement focuses on joint project identification, thorough due diligence, and the formulation of risk management strategies, coupled with the development of a robust long-term offtake strategy.
The MoU emphasises leveraging the strengths, resources, and networks of each party to achieve operational excellence and secure a stable supply of essential energy minerals. This partnership is also set to enhance cooperation in identifying, acquiring, and developing critical mineral projects on a global scale.
CMD NALCO and Chairman of KABIL expressed his enthusiasm for the collaboration, stating, “This is a significant milestone in our efforts to strengthen the global critical mineral supply chain and ensure a sustainable future for the country, contributing to Atmanirbhar Bharat.” The alliance is poised to play a crucial role in advancing India’s energy security and aligning with its broader self-reliance initiatives.
