By NSB.News
Indian business entities, including Khanij Bidesh India Limited (KABIL), Oil India Limited (OIL), and ONGC Videsh Limited (OVL), have signed a significant Memorandum of Understanding (MoU) with International Resources Holdings RSC Ltd. (IRH) of the UAE. This agreement marks a pivotal step in global cooperation on the critical mineral supply chain.
Key aspects of the MoU encompass joint project identification, due diligence, risk management strategies, and the development of a long-term offtake strategy. The MoU was signed on September 10 at the UAE-India Business Forum in Mumbai by Shri Sadashiv Samantaray, CEO of KABIL and Director (Commercial) of NALCO; Dr. Ranjit Rath, CMD of OIL; Shri Rajarshi Gupta, MD of OVL; and Ms. H.E. Mariam Mohammed Saeed Hareb AlMheiri of IRH.
This partnership is aimed at leveraging each party’s expertise, resources, and networks to achieve operational excellence and ensure a stable supply of essential energy minerals. It also seeks to foster collaboration in identifying, acquiring, and developing critical mineral projects. CMD NALCO and Chairman of KABIL, Shri Sridhar Patra, expressed his enthusiasm for the collaboration, noting, “This is a significant milestone in our efforts to strengthen the global critical mineral supply chain and ensure a sustainable future for the country, contributing to Atmanirbhar Bharat.”