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MarketScreener Homepage  >  Equities  >  MUMBAI STOCK EXCHANGE  >  Hindalco Industries Limited    500440   INE038A01020

HINDALCO INDUSTRIES LIMITED

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Hindalco Industries : and Hindustan Copper sign MoU for supply of copper concentrate

09/18/2020 | 10:23am EST

Mumbai - Hindalco Industries Limited and Hindustan Copper Limited (HCL), a Miniratna Central Public Sector Enterprise, today 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 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. Arun Kumar Shukla, CMD, Hindustan Copper Ltd., 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 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 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.

About Hindustan Copper Limited

Hindustan Copper Limited (HCL) is a public sector undertaking under the administrative control of the Ministry of Mines. The company was incorporated on 9th November 1967. 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.

The company markets copper cathodes, continuous cast copper rod and by-products, such as anode slime (containing gold, silver, etc.), copper sulphate and sulphuric acid. HCL's mines and plants are spread across five operating units, one each in the states of Rajasthan, Madhya Pradesh, Jharkhand, Maharashtra and Gujarat.

About Hindalco Industries Limited

Hindalco Industries Limited is the metals flagship company of the 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 aluminium. 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 aluminium beverage can stock and the largest recycler of used beverage cans (UBCs). Hindalco's copper facility in India comprises a world-class copper smelter, downstream facilities, a fertiliser plant and a captive jetty. The copper smelter is among the world's largest custom smelters at a single location. Hindalco's global footprint spans 47 manufacturing units across 10 countries.

Contact:

Tel: +91 22 6662 6666

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
HINDALCO INDUSTRIES LIMITED -1.13% 223.4 End-of-day quote.3.38%
HINDUSTAN COPPER LIMITED 1.81% 39.35 End-of-day quote.0.51%
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NameTitle
Satish P. Pai Managing Director & Executive Director
Anil Kishan Kumar Malik President, Secretary & Compliance Officer
Kumar Mangalam Birla Non-Executive Chairman
Satish Jajoo COO & Head-Renukoot, Renusagar & Mahan Unit
Praveen Kumar Maheshwari Chief Financial Officer & Director
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