New Delhi [India], September 23 (ANI): Ranjit Rath, Chairman and Managing Director of Oil India Limited (OIL) and the current Hydrocarbon Chair of CII, has emphasised the strategic importance of overseas asset acquisition in the critical minerals space, underlining its role in India's energy security and green transition goals.

He added that India is actively exploring its domestic reserves while simultaneously pursuing overseas acquisitions, a strategy similar to the one adopted earlier in the oil and gas sector.

Speaking with ANI on the sidelines of the 6th CII International Energy Conference and Exhibition here in the national capital, Rath noted that while India has built a mature ecosystem in the oil and gas value chain through decades of collaboration with international and national oil companies at both bilateral and multilateral levels, a similar multi-pronged approach is now being extended to renewables and critical minerals.

Rath stressed that critical minerals are indispensable not only for battery storage and renewable energy integration but also for high-tech sectors such as defence, aerospace, pharmaceuticals, and advanced computing.

'In lithium, globally, we have two major kinds - hard rock reserves largely in Africa and Australia, and brine reserves concentrated in the salars of Latin America. We are already evaluating prospects in Argentina and exploring asset acquisitions in Australia,' he told ANI.

Rath confirmed that India's focus remains on Latin America and Australia, regions that hold significant potential for lithium.

Beyond a point, he remained tight-lipped, citing the confidentiality agreements between the partners that prevent disclosure of information.

'It is a collaborative story where energy security and global partnerships come together to ensure an affordable, sustainable, and assured energy supply,' he said.

Highlighting the evolving needs of modern economies, Rath noted that electricity demand is no longer limited to powering homes and mobility, but also extends to supporting AI- and ML-driven industries.

To sustain this demand, he emphasised the need for a balanced energy mix that incorporates thermal power, solar energy, and battery storage, allowing them to coexist. India, he said, is evolving into a major global capability centre and data hub, which requires 'economically viable, sustainable electricity with 100% assurance.'

Early this April, China announced a decision to implement export controls on certain rare earth-related items, which is expected to push a global supply shortage, including in India. Export controls imposed by China have raised concerns about supply chain vulnerabilities, particularly in critical sectors. (ANI)