OIL and IREL Sign MoU to Collaborate on Rare Earths and Critical Minerals

On August 7, 2025, in Mumbai, Oil India Limited (OIL) and IREL (India) Limited formalized a Memorandum of Understanding (MoU) to advance cooperation in the exploration and development of critical minerals.

The MoU was signed by Ranjan Goswami, Executive Director of OIL, and Ravi Prakash Jha, General Manager (Projects) of IREL, in the presence of Dr. Ranjit Rath, Chairman and Managing Director of OIL, Sarada Bhushan Mohanty, Chairman and Managing Director of IREL, along with senior officials from both organizations.

OIL, a Maharatna public sector enterprise under India’s Ministry of Petroleum & Natural Gas, is a leading integrated oil and gas company with deep expertise in the exploration, development, production, and transportation of crude oil and natural gas. Recognizing the strategic importance of critical minerals, the company has expanded beyond hydrocarbons into the critical minerals sector.

IREL, a Miniratna enterprise under the Department of Atomic Energy, specializes in the mining and processing of mineral sands, including the extraction and refining of rare earth elements.

This partnership represents a significant milestone in India’s journey toward self-reliance in critical minerals and rare earth resources. As designated public sector undertakings (PSUs) under the Government of India’s National Critical Minerals Mission, OIL and IREL will play a pivotal role in securing strategic mineral resources essential for energy security, advanced manufacturing, and technological innovation.