India's Self-Reliance Boost in Critical Minerals

Hindustan Copper Ltd and Oil India Ltd have signed an MoU to collaborate on exploring and developing critical and strategic minerals, focusing on copper. This move aligns with India’s aim to reduce its reliance on Chinese imports and accelerate its green energy transition by securing essential raw materials domestically.

Hindustan Copper Ltd (HCL) took a significant step towards reducing India's import dependency by signing a Memorandum of Understanding (MoU) with Oil India Ltd (OIL) for the exploration and development of critical minerals, such as copper.

The agreement reflects a strategic move to ensure self-reliance in sourcing these essential raw materials, crucial for supporting the country's burgeoning green energy sector. As India's economy aims to transition towards more sustainable energy sources, securing domestic mineral supplies becomes imperative.

This cooperation is part of a broader strategy by HCL, which includes partnerships with other public sector undertakings (PSUs) like Indian Oil Corporation Ltd, GAIL, and RITES, in line with the government's National Critical Mineral Mission. This mission, initiated with an outlay of Rs 34,300 crore over seven years, aims to bolster India's green energy efforts.

(With inputs from agencies.)