HINDUSTAN COPPER LTD.
- Hindustan Copper Ltd. (HCI) was incorporated as a PSU in 1967 at Kolkata to take over the assets of National Mineral Development Corporation Ltd. The Government nationalised Indian Copper Complex Ltd. at Ghatsila in Bihar, in March 1972 and handed over its management and ownership to HCI.
- The companies cover the area of exploration, mining, smelting, refining and production of cathodes. Wire Bar and Copper Cake and Copper Rolled (CCR) as saleable products.
- The paid-up capital of the company is Rs.543.61 crore. 98.95% of the equity is held by the Government
- HCL was a profit making company till 31.3.1996. However, subsequently due to a substantial fall in London Metal Exchange (LME) Copper Prices, progressive reduction in the basic customs duty on Copper, and increase in the cost of inputs like power have caused heavy losses during the last few years.
- There have been two attempts so far to restructure HCL. In 1998, capital restructuring involving writing off of outstanding interest, conversion of outstanding loan into preference shares, sanction of a non-plan loan for separating surplus manpower etc. was implemented. In June 2002, CCEA approved second financial restructuring to be implemented in conjunction with disinvestment of the company.
- Government decided to disinvest its entire equity holding (98.95%) in Hindustan Copper Ltd. The transaction agreements for disinvestment have been finalised and the financial bids will now be invited from the Qualified Interested Parties (QIPs).