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Oil India and IREL Sign MoU to Collaborate on Critical Minerals Development

Strategic Insights

— 1 min read

Oil India Limited and IREL (India) Limited have signed a Memorandum of Understanding (MoU) on August 7, 2025, to cooperate and collaborate for the development of critical minerals. Oil India, a Maharatna PSU, has diversified into critical minerals, apart from its present portfolio of oil and gas, given the increasing importance of these minerals. IREL, a Miniratna PSU, is engaged in mining and processing of mineral sands, including extraction and refining of Rare Earth Elements. This partnership marks a crucial milestone in India's pursuit of self-reliance in critical minerals and rare earth elements.

Key Takeaways:

  • Oil India and IREL have signed an MoU on August 7, 2025, to collaborate on critical minerals development.
  • The partnership will play a vital role in securing strategic mineral resources essential for India's energy security and technological advancement.
  • Oil India has diversified into critical minerals, apart from its existing portfolio of oil and gas, due to the increasing importance of these minerals.
  • IREL is engaged in mining and processing of mineral sands, including extraction and refining of Rare Earth Elements.
  • The MoU was signed by Mr. Ranjan Goswami, Executive Director (BD) of Oil India, and Mr. Ravi Prakash Jha, General Manager (Projects) of IREL.
  • Dr. Ranjit Rath, Chairman & Managing Director of Oil India, and Mr. Sarada Bhushan Mohanty, Chairman & Managing Director of IREL, were also present at the signing ceremony.
  • The partnership is part of the identified PSUs under the National Critical Mineral Mission of the Government of India.

Statistics:

  • August 7, 2025: The date of the MoU signing ceremony between Oil India and IREL.
  • 2025: Year in which the MoU was signed.
  • Maharashtra: State where IREL is headquartered.
  • IREL: IREL (India) Limited has 2,135 employees.
  • Oil India: Oil India has a total of 12,518 employees as of the given source.
  • MoU: Memorandum of Understanding signed between Oil India and IREL for critical minerals development.

Sources:

  • The Economic Times (2025)
  • Indian National Press (Bombay) Pvt. Ltd. (2025), distributed by Contify.com

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