Oil India Limited has entered into a strategic partnership with the Council of Scientific and Industrial Research-Institute of Minerals and Materials Technology (CSIR-IMMT) by signing a Memorandum of Understanding (MoU) on March 30, 2026. This collaboration represents a significant step in the company's efforts to diversify its operations beyond traditional oil and gas exploration, focusing on joint Research & Development projects in the field of critical minerals.

Strategic Partnership Details

The MoU establishes a framework for joint research initiatives focused on critical minerals exploration and development under the National Critical Mineral Mission (NCMM). This partnership brings together Oil India's operational expertise in the energy sector with CSIR-IMMT's specialized knowledge in minerals and materials technology, with CSIR-IMMT being identified as the Centre of Excellence for Critical Minerals under NCMM.

Signing Ceremony

The MoU was signed by the Director (Exploration & Development) of Oil India and the Director of CSIR-IMMT in the presence of Oil India's Chairman and Managing Director. The ceremony was attended by Functional Directors and senior officials of Oil India, along with senior scientists from CSIR-IMMT, highlighting the strategic importance of this collaboration.

Research Focus Areas

The collaboration will concentrate on critical minerals, which are essential components for various industrial applications and emerging technologies. The R&D activities will be pursued as outlined in the National Critical Mineral Mission framework, focusing on:

• Advanced manufacturing processes
• Renewable energy technologies
• Electronic components and devices
• Strategic industrial applications

Significance For Oil India

This partnership aligns with Oil India's strategic diversification objectives, expanding the company's research capabilities beyond its core oil and gas operations. The collaboration with CSIR-IMMT provides access to specialized technical expertise and research infrastructure in the minerals sector, positioning the Maharatna PSU for future opportunities in the critical minerals domain.

About The Partners

CSIR-IMMT is a premier research institute under the Council of Scientific and Industrial Research, specializing in minerals and materials technology. The institute has been specifically identified as the Centre of Excellence for Critical Minerals under the National Critical Mineral Mission, bringing extensive research capabilities and technical knowledge to support the joint initiatives with Oil India Limited.

This MoU represents a forward-looking approach by Oil India to explore new avenues in the critical minerals sector, potentially opening opportunities for future business development in this strategically important area under the government's National Critical Mineral Mission framework.

Oil India Limited has announced changes in its board composition following the completion of tenure for three Independent Directors, as communicated to stock exchanges under Regulation 30 of SEBI (LODR) Regulations, 2015.

Board Transition Details

The Maharatna CPSE informed that three Independent Directors completed their tenure on March 27, 2026, and ceased to hold their positions effective March 28, 2026. This transition was implemented based on a directive from the Ministry of Petroleum & Natural Gas dated March 28, 2025.

Impact on Subsidiary Operations

The board changes also affected Oil India's material subsidiary, Numaligarh Refinery Limited. Ms. Pooja Suri simultaneously ceased to be an Independent Director of the refinery, as her position was co-terminus with her tenure as Independent Director on Oil India's board.

Regulatory Compliance

The announcement was made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency in corporate governance matters. The company formally communicated these changes to both NSE and BSE through official correspondence dated March 28, 2026.

Corporate Governance Framework

As a Maharatna Central Public Sector Enterprise under the Government of India, Oil India maintains strict adherence to regulatory requirements for board composition and directorate changes. The completion of tenure for Independent Directors represents part of the regular corporate governance cycle for public sector enterprises.