Oil India signs MoU with Mineral Exploration and Consultancy Limited

Oil India Limited (OIL), a Maharatna CPSE under the aegis of the Ministry of Petroleum & Natural Gas and a premier integrated energy company, has signed a Memorandum of Understanding (MoU) with Mineral Exploration and Consultancy Limited (MECL), a Miniratna-I CPSE under the Ministry of Mines, Government of India, to collaborate in the exploration and development of critical mineral blocks in India and overseas. The MoU was signed in the presence of CMD, Director and senior officers from OIL and MECL. This strategic partnership marks a significant milestone in fostering the exploration of critical minerals both in India and overseas, recognizing their vital importance for the nation's energy security and sustainable growth.

Under this collaboration, OIL and MECL will jointly undertake exploration activities aimed at identifying, evaluating, and developing mineral-rich blocks both in India and overseas, including the recently awarded block of OIL - The Phop Graphite and Vanadium block in Arunachal Pradesh.

Shares of Oil India Limited was last trading in BSE at Rs. 378.95 as compared to the previous close of Rs. 392.15. The total number of shares traded during the day was 63839 in over 2237 trades.

The stock hit an intraday high of Rs. 394.20 and intraday low of 377.15. The net turnover during the day was Rs. 24415130.00.

Source : Equity Bulls

Keywords

OilIndia INE274J01014 Collaboration MineralExplorationandConsultancy