May 23: India’s leading copper producer Hindustan Copper Ltd (HCL) on Wednesday said that the company has set up a joint venture company with Chhattisgarh Mineral Development Corporation Ltd.
“Chhattisgarh Copper Ltd has been incorporated on 21.5.2018 as Joint Venture Company between Hindustan Copper Ltd and Chhattisgarh Mineral Development Corporation Ltd (CMDe) for exploration, mining and beneficiation of copper and its associated minerals in the State of Chhattisgarh,” the company said in a statement.
“The registered office of the JV Company is located in Bhilai, Chhattisgarh. Chhattisgarh Copper Ltd has become the subsidiary of Hindustan Copper and the shareholding pattern between Hindustan Copper and CMDC is in the ratio of 74%and 26%. The number of Directors nominated by Hindustan Copper and CMDCis in the ratio of 3:2,” it added.
With the current development, Hindustan Copper has extended footprint of its operation in the sixth State and will commence its operations very soon there, according to the company.