Oil India and IREL Collaborate to Develop Rare Earth and Critical Minerals

Oil India Limited (OIL) and IREL (India) Limited signed a Memorandum of Understanding (MoU) on August 7, 2025, in Mumbai. The agreement outlines plans to work together on the development of critical minerals. The MoU was signed by Ranjan Goswami, Executive Director (BD) of OIL, and Ravi Prakash Jha, General Manager (Projects) of IREL.

The signing took place in the presence of Dr. Ranjit Rath, Chairman and Managing Director of OIL, and Sarada Bhushan Mohanty, Chairman and Managing Director of IREL. Senior representatives from both companies were also in attendance at the event.

OIL Expands Beyond Oil and Gas

Oil India Limited, a Maharatna central public sector enterprise under the Ministry of Petroleum & Natural Gas, is traditionally involved in the exploration, production, and transportation of crude oil and natural gas. The company has recently started expanding into the critical minerals sector.

IREL’s Current Role

IREL (India) Limited is a Miniratna PSU under the Department of Atomic Energy. It is engaged in mining and processing mineral sands and is involved in the extraction and refining of rare earth elements. The company has been operating in this space for several years.

Part of National Mission

Both OIL and IREL are identified as PSUs under the Government of India’s National Critical Mineral Mission. The initiative aims to increase domestic production of minerals considered essential for energy, electronics, and other sectors.

Read more: India Mulls Halt to Rare Earth Exports to Japan to Boost Domestic Conservation!

Oil India (OIL) Share Price 

As of 10:46 AM on August 8, 2025, Oil India share price was trading at ₹434.85, a 0.62%increase.

Conclusion

The MoU sets the stage for future collaboration between the two PSUs. It focuses on pooling expertise and resources for the exploration and development of rare earth and other critical minerals needed in various industries.

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