The Business Bytes
Bhubaneswar, August 28, 2024 (TBB Bureau): An important memorandum of understanding (MoU) was signed between Khanij Bidesh India Limited (KABIL) and Oil India Ltd. (OIL) at NALCO’s Corporate Headquarters in Bhubaneswar on Wednesday. The agreement was formalized by Sadashiv Samantray, Director (Commercial) of NALCO & CEO of KABIL, and Ranjan Goswami, Executive Director (Business Development) of OIL, in the presence of Sridhar Patra, Chairman of KABIL and CMD of NALCO, along with other senior officials from NALCO, KABIL, and OIL.
The MoU aims to enhance collaboration on existing and future projects of KABIL, focusing on critical minerals exploration and exploitation. The partnership will involve identifying international opportunities for critical minerals, conducting thorough due diligence, and co-investing in promising mineral projects.
Sridhar Patra highlighted the significance of the MoU, stating that it represents a new chapter for KABIL. “The synergy between KABIL and OIL will open new avenues in critical minerals exploration both domestically and internationally, contributing to the ‘AtmaNirbhar Bharat’ initiative and ensuring the mineral security of the nation,” he remarked.
KABIL, a joint venture of National Aluminium Company Ltd. (NALCO), Hindustan Copper Limited (HCL), and Mineral Exploration & Consultancy Limited (MECL), operates under the Ministry of Mines, Government of India. Its primary goal is to secure the supply of critical and strategic minerals for the country. OIL, a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum & Natural Gas, is a leading integrated oil and gas company with extensive expertise in exploration, development, production, and transportation of crude oil and natural gas.
This collaboration signifies a strategic move towards strengthening India’s position in the global critical minerals market and advancing the nation’s mineral security objectives.
