Hindustan Copper Limited (HCL) and Hindalco Industries Limited have reported to sign a long-term pact for purchasing and selling of copper concentrate. Presently, Hindustan Copper Limited in the sole producer of copper concentrate in India. Under the pact, over 60 per cent of the overall concentrate produced, will be channelized to manufacture refined copper in Hindalco Industries.
This public private partnership is anticipated to take the government initiative of ‘Atmanirbhat Bharat Abhiyan’ forward by reducing country’s reliance on imported copper concentrate. As per the MD of Hindalco Industries Limited, this memorandum is a game changing step towards growth as it will adhere to the profound need for domestically manufactured copper concentrate for production of refined metal.
He even acclaimed the deal to serve well in bracing the value chain of Hindalco by actively catering to the requirement for copper feed in various Indian sectors like electronics, power, railway, and construction. Furthermore, in support of the MoU, CMD of Hindustan Copper stated that this is a transformative step for the development of domestic copper industry as it will ensure proper utilization of resources available for attaining self sufficiency as per the objective of ‘Atmanirbhar Bharat Abhiyan’.