Given the increasing importance of critical minerals, OIL has diversified into Critical Minerals apart from its present portfolio of Oil and Gas. IREL, a Miniratna PSU, under Department of Atomic Energy, is engaged in mining and processing of mineral sands, including extraction and refining of Rare Earth Elements.

OIL and IREL's partnership marks a crucial milestone in India's pursuit of self-reliance in critical minerals and rare earth elements. As part of identified PSUs under the National Critical Mineral Mission of Govt. of India, this collaboration will play a vital role in securing strategic mineral resources essential for the nation's energy security and technological advancement.