Oil India Limited and IREL (India) Limited have signed a Memorandum of Understanding (MoU) on August 7, 2025 in Mumbai to cooperate and collaborate for development of Critical Minerals. 

The MoU was signed by Ranjan Goswami, Executive Director (BD) of Oil India, and Ravi Prakash Jha, General Manager (Projects) of IREL in the presence of Dr Ranjit Rath, Chairman & Managing Director of Oil India and Sarada Bhushan Mohanty Chairman & Managing Director of IREL and senior officials of both the companies. 

Oil India, a Maharatna PSU under the aegis of the Ministry of Petroleum & Natural Gas, is a premier integrated Oil and Gas company, possessing proven expertise in exploration, development, production and transportation of crude oil and natural gas. 

Given the increasing importance of critical minerals, OIL has diversified into Critical Minerals apart from its present portfolio of Oil and Gas. IREL, a Miniratna PSU, under Department of Atomic Energy, is engaged in mining and processing of mineral sands, including extraction and refining of Rare Earth Elements.  

OIL and IREL's partnership marks a crucial milestone in India's pursuit of self-reliance in critical minerals and rare earth elements. As part of identified PSUs under the National Critical Mineral Mission of Govt. of India, this collaboration will play a vital role in securing strategic mineral resources essential for the nation's energy security and technological advancement.