INSUBCONTINENT EXCLUSIVE:
its chairman and manging director Santosh Sharma said.
The Cabinet Committee on Economic Affairs on Wednesday approved fresh equity issue of
15 per cent by Hindustan Copperto help it raise Rs 900.6 crore
Hindustan Copper (HCL) will issue 13.87 crore fresh equity shares which will bring down government stake in the PSU to 66.13 per cent.
HCL
is the only company in India engaged in mining of copper ore, beneficiation, smelting, refining and downstream products
capacity six times from its present production capacity to 20 million tonne per at an investment of is Rs 5,500 crore over next 6 years
It also proposes to spend another Rs 175 crore for exploration activities spread over three years.
This will lead to increasing the
Increasing the mining capacity of HCL is essential to reduce dependence on import by 25 per cent of copper mineral by the country, Sharma
said.
The proposed expansion plan will create employment opportunities for about 9,300 persons, he said
HCL expansion projects are located in Madhya Pradesh, Rajasthan and Jharkhand.
HCL will use the proceeds of QIP to meet its expansion/capex
There is no budgetary support for the expansion plan, Sharma said.
