SAIL Joins Critical Mineral Mission Boosting Supply Chain

SAIL, India's largest steel producer, is set to participate in the Critical Mineral Mission to secure the nation's supply chain for essential minerals. The initiative, announced in the Union Budget 2024-25, focuses on domestic production, recycling, and overseas acquisition. Chairman Amarendu Prakash highlighted SAIL’s interest in new opportunities through this government mission.

SAIL, the largest steel producer in India, has expressed its intention to join the Critical Mineral Mission, aimed at fortifying the nation's supply chain for crucial minerals. The company's Chairman, Amarendu Prakash, stated on Thursday the importance of ensuring mineral availability from both domestic and international sources.

Announced in the Union Budget 2024-25, the Critical Mineral Mission seeks to bolster domestic production, recycling, and the acquisition of critical mineral assets overseas. Finance Minister Nirmala Sitharaman initiated the mission, outlining its comprehensive scope, including exploring all potential opportunities for companies like SAIL.

Critical minerals such as cobalt, copper, lithium, and nickel are essential for clean energy technologies. In response, the government plans to offer financial incentives and emphasize global R&D collaboration. Additionally, it aims to scale up the capacity of ICVL, a consortium that includes SAIL, from 2 MTPA to 4.5 MTPA within the next few years.

(With inputs from agencies.)