Latin Manharlal Chat
BSE Prices delayed by 5 minutes...
     Prices as on Oct 27, 2020     
  ABB India 930.5 [ 4.85% ]
  ACC 1686.8 [ 6.85% ]
  Axis Bank Ltd. 508.45 [ 3.08% ]
  Bank of Baroda 42.9 [ 0.47% ]
  Bharti Airtel 433 [ -0.24% ]
  Bharat Heavy Ele 29.6 [ 0.51% ]
  Britannia Ind. 3574.1 [ 2.58% ]
  Cipla 770.45 [ 3.41% ]
  Coal India 113.65 [ -0.74% ]
  Colgate Palm. 1543.5 [ 5.88% ]
  Dabur India 522.95 [ 1.78% ]
  DLF Ltd. 164.95 [ -0.69% ]
  GAIL (India) Ltd. 84.2 [ -1.64% ]
  Grasim Inds. 778.8 [ -0.08% ]
  HCL Technologies 847.45 [ -0.08% ]
  HDFC 2039.15 [ -1.66% ]
  HDFC Bank 1233.3 [ 1.67% ]
  Hero MotoCorp 2912.7 [ 0.51% ]
  ICICI Bank 409.85 [ 1.21% ]
  IDFC L 29.7 [ -0.17% ]
  Indian Hotels Co 97.35 [ -0.26% ]
  IndusInd Bank 613.95 [ -0.38% ]
  Infosys 1092.15 [ -1.79% ]
  ITC Ltd. 167.2 [ -0.80% ]
  Jindal St & Pwr 193.05 [ -1.38% ]
  L&T 982.45 [ 3.24% ]
  Lupin Ltd. 956.4 [ -0.71% ]
  Mahi. & Mahi 596.95 [ 0.03% ]
  MTNL 10.15 [ 0.89% ]
  Nestle India 17233.25 [ 6.01% ]
  NIIT Ltd. 142.6 [ 3.15% ]
  NMDC Ltd. 82.65 [ -0.78% ]
  NTPC 89.45 [ 4.13% ]
  ONGC 66.85 [ -1.91% ]
  Punj. NationlBak 27.4 [ -1.97% ]
  Reliance Inds. 2034.2 [ 0.27% ]
  SBI 194.6 [ -1.09% ]
  Vedanta 102.45 [ -1.35% ]
  Shipping Corpn. 51.65 [ -0.48% ]
  Sun Pharma. 470.7 [ -0.79% ]
  Tata Chemicals 323.25 [ 0.98% ]
  Tata Steel 411 [ 0.71% ]
  Tata Power Co. 53.7 [ -0.28% ]
  Tech Mahindra 828.85 [ 1.15% ]
  United Spirits 517.8 [ 0.54% ]
  Wipro Ltd 334.15 [ -1.63% ]

News Details

Hindalco and Hindustan Copper ink MoU for supply of copper concentrate

Back
18/09/2020 10:39
Hindalco Industries Limited and Hindustan Copper Limited (HCL), a Miniratna Central Public Sector Enterprise, have signed a Memorandum of Understanding (MoU) for the long-term purchase and sale of copper concentrate produced by Hindustan Copper Ltd.

The MoU was signed by Mr. Arun Kumar Shukla, Chairman and Managing Director of Hindustan Copper Ltd., and Mr. Satish Pai, Managing Director of Hindalco Industries Ltd.

This is a unique public-private partnership (PPP) that aligns with the government's clarion call for AatmaNirbhar Bharat Abhiyan. This partnership is a major step towards import substitution and reducing the nation's dependence on imported copper concentrate.

Mr. Satish Pai, MD, Hindalco Industries Ltd., said, "We are honoured to partner Hindustan Copper Ltd. This agreement is a major step forward towards AatmaNirbhar Bharat as it will help in utilising locally mined copper concentrate for domestic production of refined copper and it reduces the nation's dependence on import of a critical metal."

"It adds strategic value to Hindalco's value chain and empowers us to offer a more reliable supply of copper products to feed diverse copper downstream sectors in India. This is an excellent example of a public-private partnership creating a win-win solution for both the organisations," Mr. Pai added.

Hindustan Copper Ltd. is the only producer of copper concentrate in India. Under this MoU, around 60% (copper content) of HCL's current copper concentrate production will be utilised by Hindalco in the manufacture of refined copper. Hindalco's copper is used by key industries, such as power, electronics, railways and construction.

Mr. Arun Kumar Shukla, CMD, Hindustan Copper Ltd., said, "This partnership will go a long way in building the domestic copper industry by ensuring efficient utilization of the country's mineral resources in a sustainable manner. With this partnership, HCL will be taking a step towards assuring the supply of raw material to the Indigenous copper manufacturers. This will also fulfil the country's mission of Make in India and AatmaNirbhar Bharat Abhiyan."

Hindustan Copper Ltd. has the distinction of being the nation's only vertically integrated copper producing company, from mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products.

Hindalco is India's largest custom copper producer, currently contributing to over 50% of India's domestic refined copper requirements. Hindalco's copper products are used in India's core infrastructural sectors, including power, construction, automobiles, railways, etc. Hindalco operates Asia's biggest single-location custom Copper Smelter at Dahej in Gujarat.