NMDC Sings MoU with IREL

Hyderabad: NMDC and IREL signed MOU on 2nd Feb at NMDC Head Office, Hyderabad. Shri P.K. Satpathy, Director (Production), NMDC and Shri A.K. Mohapatra, Director (Technical), IREL signed in the presence of Shri N. Baijendra Kumar, IAS, CMD, NMDC and Shri D. Singh, CMD, IREL. Dr Narendra K Nanda, Director (Technical); Dr. T.R.K. Rao, Director (Commercial); Shri D.S. Ahluwalia, Director (Finance); Shri Sandeep Tula, Director (Personnel) and other senior officials from NMDC and IREL were also present at the signing ceremony.

 

Rare Earth Elements, are used extensively in almost every conceivable advanced technology products and also have commercial, industrial and military applications. China has a monopoly meeting 95% of the global demand. Domestically, IREL is the sole producer of REE compounds.

 

The ever-increasing demand for REE necessitates a concerted effort to augment the resource position of our country and also explore opportunities for acquisition/sourcing from abroad. Through this MoU, NMDC and IREL together propose to explore opportunities in rare earth in India and abroad and also in setting up the downstream value chain for RE products.

 

During the MoU signing ceremony, Shri Baijendra Kumar expressed happiness over NMDC and IREL coming together for meeting the country’s demand of the strategic and critical raw material.