Oil India Limited has informed the Exchange regarding a press release dated August 07, 2025, titled "OIL and IREL Sign MoU to Collaborate on Rare Earth and Critical Minerals".
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Oil India Limited (OIL) and IREL (India) Limited signed an MoU on August 7, 2025 in Mumbai to cooperate on developing critical minerals and rare earth elements. IREL, a Miniratna PSU under the Department of Atomic Energy, brings expertise in mining mineral sands and refining rare earth elements, while OIL, a Maharatna PSU, is diversifying beyond its core oil and gas business into critical minerals. The partnership is part of the Government's National Critical Mineral Mission and is aimed at reducing India's dependence on imports of strategic minerals. The MoU was signed by senior officials including the CMDs of both companies, Dr Ranjit Rath (OIL) and Mr Sarada Bhushan Mohanty (IREL). No financial terms or specific project details have been disclosed at this stage.
This is a positive strategic development for Oil India shareholders as it signals a credible diversification move into a high-growth, policy-prioritised sector. The collaboration aligns with India's self-reliance push in critical minerals, which could unlock new revenue streams, though no immediate financial impact is expected since the MoU is exploratory in nature.