Indian entities sign MoU with UAE for Global Cooperation in Critical Mineral Supply Chain

Indian business entities including Khanij Bidesh India Limited (KABIL), Oil India Limited (OIL), ONGC Videsh Limited (OVL) has signed a significant 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. 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 Shri Sadashiv Samantaray, CEO of KABIL and Director (Commercial) of NALCO; Dr. Ranjit Rath, CMD of OIL; Shri 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.

CMD NALCO & Chairman, KABIL 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".

Shares of National Aluminium Company Limited was last trading in BSE at Rs. 171.35 as compared to the previous close of Rs. 175.45. The total number of shares traded during the day was 199629 in over 2799 trades.

The stock hit an intraday high of Rs. 176.15 and intraday low of 170.75. The net turnover during the day was Rs. 34617241.00.

Source : Equity Bulls

Keywords

NationalAluminiumCompany INE139A01034 NALCO KABIL OilIndia ONGCVidesh MoU IRH UAE