Indian government to divest 20% of Hindustan Copper

摘要

India’s government Tuesday approved thensale of a 20% stake in the country’s onlynvertically integrated copper producer,nHindustan Copper. At present, the governmentnholds 99.59% of Hindustan Copper,nwith the remainder in public holding. Thendivestment will include sale of a 10%nstake by the government and a 10% freshnequity sale. The decision was taken at anmeeting of the cabinet committee on economicnaffairs. “The cabinet committee onneconomic affairs approved the proposal forndisinvestment of 10% paid up equity capitalnof Hindustan Copper Ltd. out of governmentnof India’s shareholding along withnissue of fresh equity of equal size by thencompany in the domestic market,” accordingnto a statement from the mines ministry.nThe money raised would be used tonfund expansion plans. Hindustan Copper isnplanning to increase copper ore productionnto 5 million mt/year from the current levelnof 2.5 million mt/year. Hindustan Coppernis engaged in a wide spectrum of activitiesnranging from mining, beneficiation, smelting,nrefining and continuous cast rod manufacturing.