Gujarat Chief Minister Vijay Rupani and Mines minister Piyush Goyal today inaugurated State-run Hindustan Copper(HCL) unit at Jhagadia, Bharuch.
HCL is going to invest nearly Rs 100 crore to achieve full capacity at Jhagadia Copper Ltd (JCL) in Gujarat, a company it acquired from Asset Reconstruction Company of India (ARCIL) for Rs 210 crore. The newly acquired unit, now renamed Gujarat Copper Project, has been revived and has started commercial production. HCL hopes to have installed copper cathode capacity of 50,000 tonnes next year.
Speaking on this occasion Chief Minister Vijay Rupani said, “Generally what is talked about is disinvestment and privatization of government Run Company, but here is the example where Government Company has taken over a private firm. Investment already done for the plant has been rescued and employees have regained employment.”
Added to this he said copper is considered auspicious metal and wished all success of new plant.
In reference to upcoming Vibrant Gujarat summit, CM said the government aims not just new investment in industrial sector but also believes in taking care of existing investors and issues they face, and today’s reopening of Hindustan Copper is an example of it.
Speaking on this occasion Piyush Goyal said the plant in the past never function properly. Now thanks to the government to reopened and it will definitely benefit the entire area. He said Rs 8 lakh crore worth projects that were in danger are back on the track due to Prime Minister’s intervention.
Chairman of Hindustan Copper Mr. KD Diwan said, “With copper demand in India set to grow 8-9% annually, we hope to be able to add new capacity in tune with market growth.”