Indian firms sign MoU with UAE in critical mineral supply chain
Bhubaneswar: Indian business entities, including Khanij Bidesh India Limited (KABIL), Oil India Limited (OIL), ONGC Videsh Limited (OVL) have signed a Memorandum of Understanding (MoU) with International Resources Holdings RSC Ltd. (IRH) of UAE, marking a pivotal step in global cooperation on the critical mineral supply chain, an official release issued by Bhubaneswar-headquartered National Aluminium Company Limited (NALCO) said on Wednesday.
The key aspects of the MoU include joint project identification, due diligence, risk management strategies, and the development of a long-term offtake strategy.
The MoU was signed by Sadashiv Samantaray, CEO of KABIL and Director (Commercial) of NALCO; Dr. Ranjit Rath, CMD of OIL; Rajarshi Gupta, MD of OVL; with Ms. H.E. Mariam Mohammed Saeed Hareb AlMheiri of IRH, at the UAE-India Business Forum, held at Mumbai on September10.
“The MoU underscores a commitment to leveraging each party's expertise, resources, and networks to achieve operational excellence and ensure a stable supply of essential energy minerals. This partnership also aims to further foster collaboration in the identification, acquisition, and development of critical mineral projects,” mentioned the release.
CMD NALCO and chairman, KABIL, Sridhar Patra, expressed his happiness about the collaboration with UAE and said, “This 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.