Mumbai: Hindalco Industries Limited and Hindustan Copper Limited (HCL), a miniratna Central Public Sector Enterprise, has 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 Arun Kumar Shukla, Chairman and Managing Director of Hindustan Copper Ltd, and 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 Pai 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,” added Mr Pai.
Hindustan Copper Ltd 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.
Mr Shukla said, “This partnership will go a long way in building the domestic copper industry by ensuring efficient utilisation 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 fulfill the country’s mission of Make in India and AatmaNirbhar Bharat Abhiyan.”
Hindalco is India’s largest custom copper producer, currently contributing to over 50 per cent 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.
HCL is a public sector undertaking under the administrative control of the Ministry of Mines. It has the distinction of being the nation’s only vertically integrated copper producing company as it manufactures copper right from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products.
Hindalco Industries Limited is the metals flagship company of Aditya Birla Group. A $16.7 billion metals powerhouse, Hindalco is the world’s largest aluminium rolling and recycling company, and a major player in copper. It is also one of Asia’s largest producers of primary aluminum. Guided by its purpose of building a greener, stronger, smarter world, Hindalco provides innovative solutions for a sustainable planet. Its wholly-owned subsidiary Novelis Inc is the world’s largest producer of aluminum beverage can stock and the largest recycler of used beverage cans (UBCs). /BI/