Government-owned Hindustan Copper Ltd said on Friday it has signed a memorandum of understanding for long-term sale of copper concentrate to Hindalco Industries, the metals flagship company of Aditya Birla Group.
Hindustan Copper is the only producer of copper concentrate in India. Under the MoU, about 60 per cent of its copper content will be utilised by Hindalco in for manufacturing refined copper.
Hindalco's copper is used by key industries like power, electronics, railways and construction.
"The partnership will go a long way in building domestic copper industry by ensuring efficient utilisation of the country's mineral resources in a sustainable manner," said Arun Kumar Shukla, Chairman and Managing Director of Hindustan Copper.
"With this partnership, Hindustan Copper will be taking a step towards assuring the supply of raw material to indigenous copper manufacturers. This will also fulfil the country's mission of Make in India and Aatmrbhar Bharat Abhiyan," he said in a statement.
Satish Pai, Managing Director of Hindalco Industries, said the will help in utilising locally-mined copper concentrate for domestic production of refined copper and reduce the country'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 orgsations," he said.
( With inputs from ANI )
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