Indian state-owned companies Oil India, ONGC Videsh Limited (OVL) and Khanij Bidesh India Limited (KABIL) announced the signing of an MoU with International Resources Holding RSC Ltd. (IRH), UAE, to co-operate on critical mineral supply chain.
The MoU will deal “primarily with the objective of collaboration, identification, acquisition, and development of Critical Mineral projects on a global scale, including India,” according to a press release issued by Oil India.
While OVL is a wholly-owned subsidiary and overseas arm of Oil and Natural Gas Corporation Ltd. (ONGC), KABIL is a joint venture between National Aluminium Company Ltd. (NALCO), Hindustan Copper Limited (HCL) and Mineral Exploration & Consultancy Limited (MECL).
As per the press release, the companies will look into opportunities that are mutually beneficial and to achieve operational excellence and secure a stable supply of critical energy minerals.
“Under the terms of the MoU, the Parties will work together in a cooperative and coordinated manner and will focus on Project Identification, conducting joint due diligence, collaborate on risk management strategies and devise a long-term offtake strategy,” the press release added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
