The memorandum of understanding (MoU) was signed by Hindustan Copper Ltd Chairman and Managing Director Arun Kumar Shukla and Hindalco Industries Managing Director Satish Pai.
Hindalco's copper is used by key industries, such as power, electronics, railways and construction.
Hindalco Industries on Thursday said that it has entered into a pact with Hindustan Copper Ltd (HCL) for the long-term purchase and sale of copper concentrate produced by the PSU. The memorandum of understanding (MoU) was signed by Hindustan Copper Ltd Chairman and Managing Director Arun Kumar Shukla and Hindalco Industries Managing Director Satish Pai.
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, Hindalco Industries said in a statement.
“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,” Pai said. Hindustan Copper Ltd (HCL) is the only producer of copper concentrate in India. Under this MoU, around 60 per cent 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. “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,” Shukla said. Hindustan Copper Ltd is a vertically integrated copper producing company, from mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products.