India's Strategic Global Pursuit in Critical Minerals Market

Ranjit Rath, Chairman and Managing Director of Oil India Limited (OIL) and Hydrocarbon Chair of the CII, underscored the significance of acquiring overseas assets in critical minerals to enhance India's energy security and advance its green transition goals. This comes as India simultaneously explores domestic reserves and adopts a strategy akin to its earlier oil and gas sector initiatives.

Speaking at the 6th CII International Energy Conference in New Delhi, Rath highlighted India's robust oil and gas value chain developed through decades-long collaborations. He indicated that a similar multifaceted approach is being applied to renewables and critical minerals due to their essential role in sectors like defense, aerospace, and advanced computing.

Rath revealed India's focus on lithium reserves in Argentina and Australia, noting the evaluation of prospects and potential acquisitions. Despite confidentiality constraints preventing further details, he emphasized the need for international partnerships to ensure reliable and sustainable energy supplies.

India's growing demands extend beyond traditional uses, with increased needs driven by AI and ML industries. Rath stressed the importance of a balanced energy mix, including thermal, solar, and battery storage, to meet evolving economic requirements and support India's development as a global capability and data hub.

Amid China's recent export controls on rare earth items, concerns over critical supply chain vulnerabilities have emerged, affecting countries like India that rely on these critical minerals.

(With inputs from agencies.)