The Business Bytes
Bhubaneswar, September 11, 2024 (TBB Bureau): In a major development for global mineral resource management, Indian business giants Khanij Bidesh India Limited (KABIL), Oil India Limited (OIL), and ONGC Videsh Limited (OVL) have formalized a significant Memorandum of Understanding (MoU) with International Resources Holdings RSC Ltd. (IRH) of the UAE. This strategic agreement was signed at the UAE-India Business Forum held in Mumbai on Tuesday.
The MoU, which was signed by Sadashiv Samantaray, CEO of KABIL and Director (Commercial) of NALCO; Dr. Ranjit Rath, CMD of OIL; Rajarshi Gupta, MD of OVL; and Mariam Mohammed Saeed Hareb Al Mheiri of IRH, marks a significant milestone in fostering global collaboration on the critical mineral supply chain. The agreement outlines several key areas of cooperation, including joint project identification, comprehensive due diligence, risk management strategies, and the development of a long-term offtake strategy.
This strategic partnership is set to leverage the expertise, resources, and networks of both Indian and UAE entities to enhance operational efficiency and secure a stable supply of essential energy minerals. The MoU also aims to deepen collaboration in the identification, acquisition, and development of critical mineral projects, reinforcing both countries’ commitment to a sustainable and resilient global supply chain.
Expressing his enthusiasm on the development, NALCO CMD and KABIL Chairman Sridhar Patra said, “This is a significant milestone in our efforts to strengthen the global critical mineral supply chain and ensuring a sustainable future for the country which will contribute to Atmanirbhar Bharat”.
The agreement underscores a shared commitment to advancing the critical minerals sector, which is pivotal for energy transition and sustainable development goals. This landmark MoU sets the stage for a robust partnership between India and the UAE, poised to drive progress in the global mineral supply chain.
